You might recall that we checked out the real estate market in our area last year. I summarized the results in a chart in this blog post. A highlight was the apartment in this brightly colored building being developed by our new friend, Ishmael.
With the major devaluation of the Egyptian Pound, we were curious what the U.S. Dollar could now buy. We stopped by to visit Ishmael while out on a walk. It turns out that Ishmael's son-in-law has purchased some land in the block across the street and has put up a building.
I inquired about the size and price of the apartments. They are 3 bedrooms with one bath, about 1200 square feet. Built with privacy in mind, there is only one apartment on each floor. They are available for 200,000 EGP which translates to about $11,000. That is unfinished, of course. Finishing and furniture will set you back another 5 or 6 thousand dollars. This is obviously the time to buy. With seven already sold, there are only five left.