OLX Egypt has noticed a decline in actual property and automotive listings after the Egyptian forex devaluation, based mostly on the conduct of 6 million customers.
The research confirmed a 15% discount in actual property listings throughout June in comparison with Might, and 35% decline in June automobile listings in comparison with March.
Moreover, the variety of actual property sellers and consumers decreased in Might by 10% and 27%, respectively. In the meantime, the demand fee for actual property elevated in Might by 2% month-to-month, though it’s lower than the same old fee of in comparison with the identical interval of every yr.
The survey added that the discount of listings was as a result of drastic hike in property costs, in each main and secondary markets, along with stagnancy within the shopping for and promoting course of till costs stabilize.
The scenario is similar in the case of the automotive sector. The demand fee on automobiles declined by 11%, along with a discount in each consumers and sellers numbers by roughly 35% throughout Might in comparison with March 2022.
OLX’s report confirmed that the worldwide financial scenario has affected the native economic system in all international locations, subsequently the buying energy and decision-making course of, particularly in these two important sectors, particularly actual property and automotive.