Currency devaluation fans Egypt property boom

Cairo

GOOD news keeps coming for Hisham Naguib and his sales team at Cairo-based real estate company Mountain View. With apartments already snapped up long before they're built, last week's devaluation of the Egyptian pound looks set to boost demand even further.

"The pound's devaluation is on everybody's mind, and it's sending demand for real estate off the charts," said Mr Naguib, who has taken to using the back door to his office to avoid crowds of buyers on project launch days. "Even if banks start offering 20 per cent interest rate on the pound, people will still prefer real estate."