ERA Real Estate Egypt targets achieving sales worth EGP 3.6 bn for property developers in 2019, compared to EGP 3 bn in 2018, Invest-Gate reports.

The rise is driven by the active real estate market and marketing of five exclusive projects for the benefit of three real estate investors, Ahmed Al Refai, head of commercial sector at ERA, said in a press statement on April 6.

Refai revealed that the projects include Rock Eden, Rock Elite, and Rock Vera, which are being developed El Batal Group for Housing and Development in east Cairo.

Meanwhile, the company is already marketing 75 projects, ranging from first and second homes to commercial and administrative units, he said, adding that ERA’s customer database includes about 300,000 customers.

During 2019, Refai expects a price hike of 5% in the Egyptian real estate market due to the industry’s inability to incur more new increases. He pointed out that prices of resale units declined by 22% in the current period versus last year. However, he confirmed that there is a high defornd on properties in Sheikh Zayed expansions, west Cairo, the New Administrative Capital (NAC), and New Cairo.