Real estate and automotive sectors hit by local currency devaluation : OLX Egypt
OLX Egypt saw a drop in real estate and car listings after the devaluation of the Egyptian currency, based on the behavior of 6 million users.
The study showed a 15% reduction in housing listings in June compared to May and a 35% drop in car listings in June compared to March.
In addition, the number of home sellers and home buyers decreased in May by 10% and 27%, respectively. Meanwhile, the demand rate for real estate rose in May by 2% per month, although it was below the usual rate of compared to the same period of each year.
The survey added that the reduction in listings was due to the drastic rise in property prices, both in the primary and secondary markets, in addition to the stagnation of the buying and selling process until the prices stabilize.
The situation is the same with regard to the automobile sector. The demand rate for cars fell by 11%, in addition to a reduction in the number of buyers and sellers of around 35% in May compared to March 2022.
The OLX report confirmed that the global economic situation has affected the local economy in all countries, thus the purchasing power and the decision-making process, especially in these two main sectors, namely real estate and l car.
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