Egyptian boys ride their bicycles in front of empty apartment buildings, east of the Egyptian capital Cairo. AFP PHOTO / KHALED DESOUKI
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Good news keeps coming for Hisham Naguib and his sales team at Cairo-based real estate company Mountain View.All of that was happening before the central bank devalued the currency by more than 10 percent this month.The EGX 30 Real Estate Index has risen by 22.6 percent since March 14, when the central bank weakened the pound by the most since 2003 . Over the following two days, luxury developer Palm Hills Development SAE said it sold 108 units at Palm Valley project west of Cairo for 491 million Egyptian pounds ($55 million).Although the property market has been resilient since 2011, developers say red tape is holding it back.With Egypt's population of 90 million growing at a rate of 2 million people a year, demand for housing is expected to reach about 500,000 units a year, Abbas said.
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