Egypt-based Marseilia for Real Estate Investment is expecting to record EGP 1.2 bn in sales by the end of this year, while targeting to achieve sales contracts worth EGP 3 bn in 2019, state-owned Al Ahram Al Iktisadi news website reports.

Nearly 40% of the company’s overall sales are dedicated to clients from the Gulf countries through 12 property agents in those countries, this is due to the fact that we adopt the concept of real estate export as one of the vital mechanisms for supporting our marketing plans, CEO of Marseilia Sherif Heliw said at his company’s roundtable on November 12.

The company is aiming to launch a new compound in Nasr City, Cairo during 2019, while planning to start the establishment of another one in the New Administrative Capital in the near future, Al Ahram Al Iktisadi quoted Heliw as saying.

Heliw highlighted that Marseilia has implemented 15 projects with a sales volume of EGP 30 bn over 20 years, including projects in various areas such as Ain Sokhna, North Coast, and Alexandria.

According to the CEO, real estate is a safe haven for investment and has a significant demand given the population growth, which makes it an attractive market for domestic and foreign investments.

He stressed on the importance of collaborating with the government to speed up Egypt’s growth rates, pointing out that investors often face challenges when implementing projects such as high implementation costs as well as providing clients with facilitated payment plans.