64pc Egyptians say right time to buy home
Cairo, April 25, 2012
Sixty-four per cent of Egyptians believe now is the right time to buy a house, benefiting from the significant drop in prices, said a report.
Up to 90 per cent are willing to pay more for a housing project that offers community facilities, according to a survey conducted by Vantage Communications, one of Egypt’s leading PR consultancies.
Most respondents are reluctant to buy, said that one year from now, or more, will be a better time, the survey said.
The majority of respondents were employed males, ages 25-30, equally divided between single and married, 43 per cent had an income between EGP500-2000 ($82.6-$330.7) whilst the rest had an income exceeding EGP 2000.
Cited by 31 per cent of participants, location topped consumers’ priorities when buying a new home. Price came in second, mentioned by 23 per cent of respondents.
When asked about reasonable prices for buying a home, 43 per cent of respondents considered EGP100,000 – 120,000 a reasonable range, and 29 per cent cited EGP 70,000 – 100,000.
A reasonable monthly installment as set by 44 per cent of participants is EGP400 - 600, 37 per cent mentioned that they are willing to pay EGP600 and above.
When it came to government versus private developers, consumers were equally divided. The preference for government projects was backed by the public’s perception of the government’s credibility and trustworthiness.
On the other hand, consumers’ preference for private sector developers is driven by their perception of its diversified and unique style, as well as better quality services.
Given the choice between two projects of equal price, location and size, 52 per cent of respondents said that access to transportation would be the determining factor. – TradeArabia News Service