Egypt 'set for price increases'

Egypt is set to see residential property prices go on increasing, a developer has said.

In an interview with Reuters, chairman of developer Palm Hills Yasseen Mansour said demographic trends will ensure that demand for property remains high and prices go on rising.

He told the news agency that demand is expected to be substantial for housing in areas to the east and west of Cairo - where the company has projects - and that prices in these areas are 1.5 times as much as similar homes in the city itself.

Mr Mansour commented: "We have a lot of value in the real estate that we have."

Egyptian property laws have helped the market do better than others in the region, it was claimed earlier this month.

Khalid El Nouby of Egypt Property Law said the country offers low taxes, as well as no stamp duty, inheritance tax or capital gains tax.

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