If you are planning to buy a house within the next 12 months, here are some tiny details that you should pay attention to.
Egypt’s real estate market has changed dramatically in the last couple of years, and property prices in the new cities took a huge leap. This movement in construction aims at satisfying the different needs of the population which creates unprecedented diversity in choices and prices. Starting from 2019, this surge in prices slowed down a bit. So, maybe this is your best opportunity to buy your dream home.
In this article, we will remind you of all what you need to know to take this important decision.
Although you may have limited options due to the high prices, you still can manage to find some great choices:
Far-fetched Expectations: Avoid buying a house that exceeds your budget. On the contrary, you should always buy a house that is less than your budget so that you have enough money to furnish it the way you like. This way, you will invest in your own house and profits will return sooner or later.
Searching the Old Advertisements: Don’t check only the recent advertisements, as lots of the owners sell their houses for exaggerated prices, then after a while, they lower it. So, when checking the advertisements, check all the old and new ones, not to miss an opportunity of finding your dream home.
Ask Real Estate Brokers: You can ask real estate brokers in the area of your future home to have an idea of the average prices and types of properties available.
If prices are high, down payments shouldn’t be either:
Nowadays, the gap between the prices and the annual income has widened and made it very hard for individuals to buy new houses. On the other hand, 2019, won’t stop the price surge as well.
53% of people who rent houses expressed their wish to have their own house, but down payments stand in their way. Another point of view of this issue, would be that a 20% down payment is not the only option out there in the market, lots of companies accept only 5% as a down payment.
Interest rates can lead to a good investment, but not when you sign up the contract:
Diversity in interest rates gives you, as a buyer, a wide range of choices. Although the interest rate may be huge at the moment, especially over installments that will last for years and years, however, after you finish paying your installments, the value of your property in the market will be much higher than what you have paid already.
There is a number of promising neighborhoods in Giza and Cairo that if you invested in them now, you will gain huge profits in the future, such as:
1- Shorouk City
3- Badr City
5- New October City