SUDAN: Real estate recession in the nation’s capital

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Early in the year, the real estate market witnessed significant increase, but at the beginning of this month, there has been a recession in the sector.  According to reports by El Meghar newspaper, a housing broker attributed the drop to the current economic situation. He further stated that the market is expected to regularise after the general election.

In Riyadh and Manshia districts, a plot of 600 square metres goes for SDG4.5 million ($750,000). In Taif , a similar plot cost more than SDG3 million ($450,000).

Prices of houses in Riyadh amount to SDG5 million ($832,000), and in Taif SDG3 million. In Omdurman- a middle class area of El Sawrat, a piece of land of 300 square metres is sold for about SDG3 million, while the prices of houses range between SDG3 to 3.5 million.

The price of a plot of 300 square metres in the popular El Haj Yousef district in Khartoum North lies around SDG120,000 ($20,000).

There is a high demand for agricultural plots near the Sudanese capital. “People see possibilities for investment in food production, in particular poultry farms. The prices of land west of Omdurman are skyrocketing,” stated the broker.

Source: Here

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