Al Mal GTM Holds its 3rd Real Estate Conference

Al Mal GTM Holds its 3rd Real Estate Conference

Al Mal GTM organized its third conference under the title of “The Real Estate Debate,” mainly tackling the Egyptian real estate exports while hosting more than 15 real estate developers, Invest-Gate reports.

The event was attended by Deputy Minister of Housing for National Projects Khaled Abbas and Minister of Public Enterprise Sector Hesham Tawfik, who presented to attendees investment opportunities available through the country’s plots and assets, as well as non-facilitated lands owned by banks.

He also revealed that the ministry will allocate 24 plots for real estate developers within two months, urging developers to make use of the offered plots and buy them.

In this regard, Fathallah Fawzy, CEO of Mena Group, asked the minister to offer a validation certificate for the offered plots to include all data related to the lands such as their surface area and exact location.

In addition, Sherif Sami, chairman of the National Asset Management and Investment, said that establishing a real estate fund will solve various problems as it compiles the partnerships and guarantees original property.  

Managing Director of East Coast Investment Sherif Wahdan showed that the real estate financing process in Egypt is very hard same as the registration process of units, highlighting the importance of having a real estate fund.

Commenting on the topic of real estate exports, Mohamed Banany, vice president of Coldwell Banker and Coldwell Banker New Homes, said that Egypt can generate revenues up to USD 6 bn from exporting real estate annually, showing that there are more than coastal city should be used such as Hurghada and Sharm El Sheikh.

Within the same context, Hany Shokry, executive chairman and CEO of JWT Cairo, noted that revenues from exporting real estate may exceed that of Suez Canal.

Banany also said that establishing an authority for real estate expert will make a difference in the rate of exporting properties.

Abbas also noted that Egypt’s current share in the global market of real estate exports is very low. He, however, said that the new law that gives residency in return for buying a property in Egypt will enhance the opportunity of exporting real estate.

Egypt will participate in a global exhibition next March in France, Abbas highlighted, adding that 12 developers will showcase their properties in this exhibition.

Abbas also showed that “Beit Al Watan” project is performing well in selling its properties to Egyptian living abroad, recording revenues up to USD 1.5 bn up to date.

Amin Serag, CEO of Hyde Park Properties for Development, said that real estate market abroad should be well studied showing that all features and opportunities there should be taken as an example to make like them in Egypt.

Turkey is a great model that should be followed in terms of how to export real estate, according to Amr El Kady, CEO of City Edge Developments. The country has established an integrated strategy to sell properties to foreign investors and users. 

Fawzy also added that property prices in Turkey are much cheaper than in Egypt and this grabs more foreign investors.

El Kady urged to expedite the registration process for foreigners when owning properties to facilitate the purchase process.

Iwan Developments CEO Walid Mokhtar also pointed out that partnerships between the government and developers enhance the marketing process for Egyptian properties abroad. He added that these partnerships are considered as a message of confident sent to foreign investors.

In the end, Serag said that all the fruitful suggestions being suggested in the conference should be sent to the officials as such suggestions may really make difference in the future.

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