Algeria :Falling off of real estate property prices foreseen by next semester
Prices of estate property in Algeria may slump
According to the national real estate federation, the prices of estate property in Algeria will probably slump in the next few months on account of the virtual absence of potential buyers and the current skyrocketing prices in this sector of activity.
The spokesman of the national real estate federation Abdelhakim Ouidat told Echorouk newspaper that the estate property prices were expected to drop markedly by the end of next June because of the dire lack of demand.
He indicated, in this connection, that the potential buyers of flats or villas were becoming rare nowadays on account of the soaring property prices and the harsh erosion of the Algerian citizens’ purchasing power.
Mr Aouidat said that there is every likelihood that the estate property prices in Algiers and elsewhere in the country would drastically tumble before the beginning of the next semester as part of the operators’ overhauled strategy designed to attract recalcitrant buyers and inject new life into this once-thriving trading activity.