Car prices in Egypt have seen a noticeable decline over the past few days.
A member of the Automotive Division of the Federation of Chambers of Commerce, Abdel Salam Abdel Jawad, confirmed that since Egypt’s economy has begun to get back on its feet, the prices in the automotive market will gradually decline.
This follows after providing dollars to agents and manufacturers as well as the opening of documentary credits in banks.
Abdel-Gawad explained in statements to the “Ahl Masr” program, that the announcement of the momentous deal to develop the city of Ras al-Hikma has had a positive impact on the automobile market, causing “overpricing” to decline.
“The value added to the prices of official cars has decreased significantly in the past three days. The car that was sold for 3.5 million pounds is now being sold for three million,” he said.
