In Egypt, dealing real estate in dollars

Could the American dollar be a real estate firm’s ticket to success in Egypt’s stagnant real estate market? With ads touting a monthly installment of as low as $120 without interest, Murabahat is using a novel strategy to get the attention of increasingly anxious consumers. Many Egyptians buy foreign currency: The Egyptian pound is extremely undervalued, and foreign currency has become synonymous with value here. Plus, when readers see a low price in comparison to what the amount would be in Egyptian pounds, their interest is more likely to be piqued. Although the offer may come across as a deceptive move, it’s likely to encourage consumers to consider Murabahat, with the added bonus of helping to increase circulation of a strong foreign currency in a relatively stagnant market.