The sharp rise in sales of residential apartments since the beginning of the crisis is forecasted to subside. Payments by check are being rapidly phased out. The market is becoming chaotic amid very high unpredictability of prices. This is making developers very reluctant to embark on new projects especially amid very low investor confidence. Apartment prices which have gone down sharply in real dollars, however, may be attractive to some expatriates with a high risk appetite. Positive political developments would encourage them to inject fresh dollars in the real estate sector.
Market at a standstill
Sales of new residential apartments have increased from September 2020 until the second quarter of 2021, according to 60 percent of respondents to the ‘Residential Real Estate Survey’ carried out by InfoPro with more than 100 developers and 30 real estate brokers and consultants. About 18 percent of those surveyed said that sales have decreased. , CEO of S-Gestion, a real estate company, said: “The market is currently in a standstill. The rush on real estate purchases subsided by the end, Secretary General of Real Estate Developers Association (REDAL), fewer people still have enough cash to buy real estate and those who do are looking for a bargain while sellers are not willing to dispose of their properties at just any price. They are telling buyers: “take it or leave it.”
