Los Angeles herald., 1906-07-22
BIC LAND BOOM
IS ON IN CAIRO
EGYPTIAN CAPITAL REAL ES'
TATE GOING UP RAPIDLY
House Building Going on Everywhere
Great thrush Of People-Land
-Four Years Ago Held at $780,
900 SELLS for $3,5oo,ooo
BY Arnold Pierce

Special Cable 70 The Herald.
CAIRO. July 21.-The 'land boom"
in Cairo shows no sign Of dimunition.
At the outset the new houses required
bv newcomers from all over Egypt,
Levantines as we'll as Mussulmans'
were built to order, the builders hav-
ing first satisfied themselves as to the
requisite funds being duly Forthcoming,
However, what may be speculative
building only commenced about two or
three years ago, when foreigners began
TO pour in from all over the world. New
quarters of the town sprang up in the
direction of Abassies and OF Gesireh.
The price of land rose by leaps and
bounds, and landowners, builders, con-
tractors, upholsterers and architects
amassed large fortunes without incur
ring any serious risk of loss. The pro-
cess OF housebuildlng continued with
such unchecked rapidity that the day
seemed near at hand when no building
ground could be found within the exist
ing confines of the city. 1t was then
that the era of speculative building
commenced in earnest.
Cairo proper is practically confined
between the Nile on the west and the
MohattSn range of hills on the east.
The site lying between these two boun-
daries is already covered by dwellings.
The principal spaces left untouched for
building purposes were roughly the
desert land lying along the plain. across
which the old railway ran from Cairo
to Suez, in the days of the overland
mail and the partially cultivated land
about Gireh, on the western banks Of
the Nile.
Big Prices
Fabulous is the only term which can
be applied to the sudden rise of prices
given for building land in Cairo. Four
years ago the Kasr el Ali palace, ada
cent to the British agency. and running
down the banks of the Nile, was sold
for 100000. Happily for the owners,
the sale could not be carried into effect,
owing to the right of presumption being
exercised by neishbor. Within the
last few years it has been finally sold
for $500. 900.
small property which was bought
some years ago for $4,000 was sold to-
ward the end Of last year for $4,000.
Within the course of a few months 1t
was resold by the purchaser for $50, 900,
again resold for $12O0O0, and. finally,
parted with for $160,000. UP to a few
years ago SIS for square metre was
considered a fair price for land in the
most fashionable quarters of Cairo.
Only a few weeks ago some land in a
comparatively unfashiona BILE situation
was bought for $1OO per square meter
and within a day or two the owners
We're offered $120
This is the brighter side of the pic
ture. As usual. there is a fly in the
ointment-the disaster to the sugar
Planting industry of Egypt. Eventually
this may be expected to have a de-
pressing effect upon even a land boom
such as Egypt's capital has witnessed.
But in a general way up to the present
time it may be fairly stated that moth
ing of the sort has occurred. How
ever, coming down to details, the con-
clusion of the Sucreies company's case,
when the Cairo courts approved the
reconstruction of the company, may be
said to have terminated a tragic epi-
sode in Egyptian industry. When the
Cairo directors, including the Hon. A.
Davey. a son OF Lord Justice Davey
were acquitted a month ago in the ac-
ton brought against them, public
opinion foresaw the favorable issue OF
the bankruptcy proceedings. The eff
feet was seen in a shrinkage of some
$5OO000 since the beginning of the year
The company's debts are partly liuui-
dotted by the sale of it's railways tc
the state system. A strong board has
been formed, consisting of Boghos
Pasha Nubar, NJ Raphael Suares
Harari Pasha, Birch Pasha and M. j
A. Cattani Twelve months ago Egyp-
tian sugar was on all the markets OF
the Levant. There is no reason why
this should not happen again, as
Egypt is said by experts to be peculiar.
ly fitted for the dual crop of cotton and
sugar.