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Add to this the fact that real estate value basks in security and runs from insecurity, and you would be forgiven for not holding out much hope for Egypt's property market.
But factors that have softened the blow include a new government that is proactively encouraging foreign investment and a market that had previously had real, non-inflated prices.
Alladin Sayed, CEO of Ayaro Estate Development and Investment, explained that property only lost about 30% of its value because of the finance system used in Egypt.
"The square metre (SQM) price before revolution had real value because we didn't have American or European style mortgage systems, and that kept the value of SQM at a realistic price," he told AMEInfo.com.
"Prices could be affected a little by demand but never reached double or triple their true value."
By removing 'bubbles' from the system, the country avoided what could easily have been a far more dramatic drop in prices.
But the drop did allow Egyptians to enter or take a step up in the property market, or as Sayed put it: "natives could afford to buy what they could not before".
Ehab Elhatawy, CEO of Lincom Real Estate, agreed, stating that "prices are fair and match most of the middle class", but he warned that supply is now higher than demand.
Once again demonstrating the robust nature of Egypt's real estate sector, despite fewer properties being sold, Elhatawy rightly pointed out the fact that any properties still being sold was a positive indicator for the market.
Of course, opportunities at home are quickly spotted from abroad and potential investors from other countries - central and eastern Europe being the main markets - are eyeing the price drop with interest.
"For foreigners who are regular guests in Egypt, they used it as a chance to buy now before the election of a new president, when prices will surely rise again," Sayed noted.
Security and stability are key
As mentioned earlier though, security is essential. Sayed believes that security is the largest short-term problem that needs to be solved in order for Egypt and its property market to get back on track. "The biggest challenge is to bring security back for the country which has lost some stability after the revolution, and of course that will never be in one night."
Of course it's not just political stability that is important. Financial stability is also a factor.
"Recently the Egyptian stock market began to win almost 12 million Egyptian pounds back and that is great support for the short term," Sayed explained.
In the longer term, it is important simply to continue to serve the native population. "The Egyptian real estate market is the biggest in the Middle East," he said, "as Egypt has a population of 85 million population and the needs of the market is almost 85000 units per year, just for natives."
Opportunities for outside investors
Similarly, the market needs to keep attracting property purchases and tourism from other countries. "There are almost 70,000 foreigners living in Hurghada, and 300 hotels and resorts receiving almost 7 million visitors every year before the revolution," Sayed asserted."There are still people who want to get a place in the sun at a reasonable price, which range from $20,000 to $200,000."
Elhatawy shared the point of view that the country offers a good opportunity for outside investment.
Staff
