50 billion pounds real estate sales in 3 months

Wael Salam 19 Jun 2022

In the presence of a group of the most prominent real estate developers, government officials and sectors concerned with real estate development and tourism, the Real Estate News Today conference began, to discuss the opportunities and challenges of the real estate development industry during the current period.

In his opening speech at the conference, Eng. Ahmed Sabbour, Chairman of Al Ahly Sabbour Company, said that the real estate sector in Egypt represents 18% of the country's domestic product and supports 100 existing industries in the country.

Sabour added that the sector is witnessing many challenges, and that despite these challenges, the demand in the real estate market increased by 3% during 2022, and sales of 50 billion pounds were achieved.

Ahmed Sabbour indicated that 37 new fourth-generation cities are being implemented, including 17 cities, with an implementation rate of 90%.

The conference comes amid great challenges in the real estate market, the most important of which is the prices of building materials at an accelerating pace during the last period, which affects the cost of constructing real estate units, and in the midst of continuous complaints from developers that the purchasing power of customers does not match the level of prices in the market, and obstacles in the way they obtain real estate financing. .

In a separate context, Dr. Mohamed Omran, Chairman of the Financial Supervisory Authority, met with representatives of a number of real estate developers to discuss their proposals to revitalize the real estate development sector in the Egyptian market and remove the obstacles they face, according to a statement from the Financial Supervision today, Thursday.

The meeting was attended by the head of the Egyptian Real Estate Finance Federation, representatives of real estate financing companies, financial leasing and factoring, and asset management companies, with the participation of the Undersecretary of the Housing Committee in the House of Representatives, and the Chairman of the Construction and Building Committee of the Businessmen Association.

The Financial Supervisory Authority said that the meeting came within the framework of the political leadership's interest in the real estate sector, and the meetings previously held with Prime Minister Mostafa Madbouly in this regard.

The meeting discussed ways to use non-bank financial tools as urgent solutions to revitalize the real estate development sector, by converting real estate developers' portfolios into financial portfolios, enabling real estate developers to meet their financing needs and the increasing demand for the real estate sector in Egypt.