Activities of “Real Estate Export & Brokerage Market’s Future”roundtable organized by Invest-Gate conclude on March 28, in collaboration with the Egyptian Businessmen Association (EBA), aiming to introduce effective solutions to support the export of real estate and improve the performance of the brokerage market in Egypt
The discussion sessions were moderated by the Chairman of Construction Committee Egyptian Businessmen’s Association (EBA) Fathallah Fawzy and Mohamed Fouad, CEO and Managing Partner of Invest-Gate. The roundtable was attended by Khaled Abbas, Deputy Minister of Housing, Utilities and Urban Communities for National Projects in addition to a number of experts in the local and international real estate market, namely Hisham Shoukry, chairman of Rooya Group, Nour Eldeen Elserougy, member of The FIABCI Emirates Chapter and HRE Properties Egypt CEO, Sherif Moustafa, managing director of IGI Real Estate, Ahmed Mansour, CEO of Castle Development, Waleed Mokhtar, CEO of Iwan Developments, Mahmoud Al-Garf, previous chairman of the Egyptian Industrial Development Authority (IDA), Mohanad Al Wadiya, CEO Of Harbor Real Estate Dubai The Wolf Of Real Estate VP FIABCI Emirates Chapter, Ahmed Alabbasi, CEO of Vinci Real Estate Bahrain Real Estate Investors Advisor GCC, Mohammad Mousa, CEO Innovation Experts Real Estate Institute-Dubai, Haysam Soliman, CEO of HRE Properties-UK, Mohamed Banany, Managing Director of Real Estate Domain (RED), and Karim Zein, CEO of Coldwell Banker.
During the roundtable activities, experts agreed on the following recommendations:
Real Estate Marketing and Exporting
- The availability of a legislative environment to regulate the relationship between the foreign investor and both the real estate developer and broker.
- Training workers in the real estate sector and qualifying them academically and practically, whether developers or brokers, to attract the confidence of foreign investors in the Egyptian market.
- Applying the transparency principle to all information related to the real estate sector.
- The real estate developer must promote the Egyptian real estate product in general, and then his projects in particular.
- Focusing on holding and attending external exhibitions to inform the world about the size of the achievement of the projects being implemented in Egypt, whether governmental or private.
- Developing advertising means and focusing on promoting the new cities being implemented through direct cooperation between the Ministry of Housing and real estate developers.
- Intensifying efforts to attract international funds to invest in various projects in Egypt, especially in the NAC.
- Determining the target countries and customers and reaching them by developing a specific plan, and exporting the appropriate real estate product for customers in terms of location and specifications.
- Launching a platform that provides the foreign investor with all information, especially in the residential, commercial, logistical and industrial areas.
- At the individual level, activate the participation between Egyptian and foreign marketers.
- Benefiting and applying the experiences of the markets that succeeded in the real estate export, such as the UAE, and applying it in Egypt in accordance with the kind and size of its projects.
- Providing incentives to real estate development companies that will succeed in real estate exporting.
- Building more entertainment and tourist places in the new cities, especially the NAC.
Real Estate Brokerage Market
- Establishing a supervisory and regulatory authority for real estate brokers, which will be responsible for training, issuing licenses and classifying brokers after fulfilling the required needs.
- The real estate brokerage market must be based on the sustainability principle, and marketers must follow a unified methodology.
- Availability of a platform that includes all information and data related to the real estate product.
- Training and qualifying brokers periodically and continuously.
- There should be classifications for the brokers’ offices and real estate marketers.
- Regulating the relationship between the developer and the broker, to achieve credibility and avoid randomness.
- There should be alliances between real estate marketers that work according to specific goals and principles, which are experience, efficiency and credibility.