Hany Salaam | Egypt’s market booming

 

Egypt’s real estate market will witness a boom in sales in the second quarter of 2021, due to high demand for units of various types. According to businessman Hany Salaam the rebound in real estate sales is expected to be driven by several basic factors, the most important of which is the gradual decline in the third wave of the novel coronavirus (COVID-19) pandemic.


 


This comes particularly after the increase in the rate of vaccinations, and the return of real estate exhibitions. “The summer season when Egyptian expatriates return to spend their annual vacations with their families in Egypt has begun”, said Hany Salaam. 

He added that investment in real estate, whether residential, administrative, medical, or commercial, is at its current best levels. “This comes especially with the new urban expansions implemented by the state, as part of the country’s Sustainable Development Strategy: Egypt Vision 2030 plan. Moreover, the expected cut in interest rates at banks would be an incentive for a segment of citizens to direct their investments into the real estate sector”, explained Hany Salaam. 


The businessman pointed out that the major national projects recently implemented by the Egyptian state support raise growth rates, provide real job opportunities, and support all sectors of the economy in general. ”The real estate and construction sector would remain the most influential sector in terms of growth rates, as it alone accounts for more than 17% of Egypt’s GDP. It also provides more than 3 million job opportunities, and helps to keep more than 95 professions and industries related to the sector operational, making investment in the sector the most beneficial”, added Hany Salaam. 


According to him, it is important for every interested buyer to filter the market of companies that are not committed and only looking to get rich quickly will happen in the short-term. Hany Salaam added, “Only the most credible companies who have the ability to produce with a sustainable investment value will remain in the competition.” As for prices and projected price hikes, Hany Salaam confirmed that there is an expected increase in real estate unit prices in the coming few months. This is set to take place at rates ranging between 5%-15%, according to the area in which the unit is located.

“Alongside this, the increases in prices of building materials and land offerings in some areas, which increases the cost along with the instalment periods, means that many companies resort to attracting the largest possible number of customers”, concluded Hany Salaam.


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