SODIC to raise housing prices 20-30% on pound float
Egyptian developer SODIC will raise prices on residential units by 20-30 percent yesterday in the wake of the central bank’s floatation of the pound on Nov 3, Chief Executive Maged Sherif said. Egypt’s third-largest listed real estate developer has also decided to delay three new projects to the first half of 2017 from the fourth quarter of this year, he said. Egypt removed its peg of 8.8 pounds per dollar and floated the pound in a surprise move aimed at overhauling its dollar-starved economy and unlocking foreign investments. The pound was trading at around 15.5 to the dollar yesterday. “We took the decision to raise prices last Thursday after the flotation of the pound,” Sherif said, adding that the decision to delay three of their projects to next year came as the company had already achieved this year’s sales targets and to take into account the flotation of the pound.