Sep 3, 2007

Want a Flat in Cairo? No Problem!

Tonight I went with a couple of my pals from work to a prearranged presentation about one of those nouveau suburbs that are popping around Cairo (the Cairo that's in Egypt, people!). The new suburb is a closed community - kind of posh actually - saved for "the elite." By those, I mean people with fat wallets!

I went with my mind set on getting a cozy 100-meter flat and starting a new phase of my life there. I knew of course that the meter would cost about 3,000 Egyptian Pounds (EGP), which is extremely expensive compared to the prices in the real-estate market in Egypt. Anyway, we went there, kept waiting for the representative for about 10 minutes, and listened to the different modules the apartments come in and their corresponding payment plans.

My idea was quite simple: A 100-meter flat * 3,000 EGP = 300,000 EGP. This is way beyond my financial limits, but hey, I could afford it if there's a really good installments plan.

This idea proved really simple or rather simplistic!

We were in for one big surprise. The 100-meter flat will cost you about 440,000 EGP. Yes, folks, you got it right the first time. That's four hundred and forty thousand Egyptian pounds, nearly half a million. I can live a whole lifetime and wouldn't be able to amass that kind of money! And guess what? I'm a professional with a pretty good monthly paycheck compared to other professionals here in Egypt.

Depressed? Naaah, let's say I'm just starting to realize the reality of the real-estate entrepreneurs in Egypt: They'll bleed you dry, man!


Anonymous said...

:D oh dear you are in Egypt.
i guess; later on, our grandchilds will wonder " Grand pa, i own 3 millions $ and i cannot find a suitable roomy apartment ( about 50 meters :D )."

Kaledovic said...

I hope that day never comes, ever.

Abdallah said...

and yes ..

that's an issue to really look into ..

especially in our days .. looks like we are going to pack and return back .. to our homelands ..

i guess the solution is either to die or let go .. in both case its the same ..

God Save Us ..

Mohamed said...

نظرة تشاؤمية بحته عاوز اقولك اني في حاجات كتير مناسبة لأمكانيات كل واحد فينا بس انت انوي وهاوريك

Emad said...

brother mohammed ,,

It is not pessimistic post at all, personally, I intended already to buy one but unfortunately, I only own 150 thousand pounds,, and I haven't even found a 100 meters square apartment, of course, Zamalek, Ma'adi, nasr city were out of my scope of searching. But even searching in faisal street and el-haram seemed to be a mission impossible.

So the problem in our division in evaluating the problem, if we all as Egyptians co-operated and shared the same opinion with each others surly will find a solution, but as long as we are in disagreement we will suffer forever.

Sorry for the elongation