Invest-Gate concludes its first roundtable in 2023, in collaboration with the Egyptian Businessmen’s Association (EBA), shedding light on recent global economic crises and how they affected the performance of Egypt’s real estate market.
The roundtable takes place on January 31st in the Nile Ritz Carlton. Hosting prominent experts in the Egyptian real estate sector, the roundtable carries the title “Egypt’s Real Estate Market Vs. Economic Crises.”
The roundtable discusses the roles of the Egyptian government, developers, and the banking and contracting sectors in solving the crises facing the real estate sector.
The event is attended by a group of prominent real estate experts, including Khaled Abbas, Chairman and Managing Director of the Administrative Capital For Urban Development (ACUD), Waleed Abbas, Assistant Minister of Housing for the Affairs of the New Urban Communities Authority (NUCA), Sherif Hammouda, Chairman of GV Group, Tarek Shoukry, Chairperson of the Real Estate Development Industry Chamber and Deputy of the Housing Committee in the House of Representatives, Mohie Farag, Chairman of Upwyde Developments, Ahmed Mansour, CEO of cred, Omar El Tayebi, Chief Operating Officer of The Land Developers, Maha Abdel Razek, CEO of Misr Real Estate Assets Management , Ahmed Amin Massoud, Chairman of Menassat Developments, Mohamed Alsaidi, Partner and CEO of Infinity Phoenix, Omar Attaby, CEO of Attaby Consultancy, Mohamed Elwi, CEO of Housing & Development Properties (HDP), Mohamed Taher, Chairman of Nile Developments, Mohamed Galal, Chairman of TSM Asset Management Real Estate Development, Amad Almsaodi, CEO of Aqarmap, Mohamed Banany, Managing Director of Real Estate Domain (RED), Hisham Moussa, CEO of REDCON for Offices and Commercial Centres, Tarek Bahaa, CEO of MENA Real Estate Development Consultancy, Bedeir Rizk, CEO of PARAGON Developments, and Waleed Morsy, Chairman of DCI Plus Architects Office Consultant.
The event’s attendees agreed on the following recommendations:
- Effective cooperation and solidarity between the government, developers, and all parties working in the real estate sector.
- Real estate developers must control the expenses and cost of projects to cope better with the current challenges.
- Postponing all installments without interest for real estate companies for at least one year for all projects.
- Reducing the interest on land installments as compensation to developers for the high prices of building materials as a result of the Egyptian pound’s devaluation to bridge the funding gap for projects.
- Mortgage finance has become an urgent necessity in light of the huge rise in real estate prices to ease the burdens on customers and developers.
- Facilitating mortgage finance procedures for both the developer and the customer, as well as providing mortgage finance for all different real estate products and for the unit to be the guarantor in mortgage finance procedures.
- Shifting towards real estate export will contribute to attracting foreign currency, and the government must solve relevant problems.
- Creating a platform that collects all data on real estate projects in Egypt at the level of the private and public sectors to attract foreign buyers.
- Adopting a clear policy and a new vision for the export of real estate and launching incentives for foreign investors.
- Marketing real estate projects abroad under the auspices of the Ministry of Housing and under the auspices of major real estate companies, and not relying solely on marketers.
- Regulating the real estate brokerage market, in addition to issuing binding laws for real estate developers and marketers.
- Using environmentally-friendly building materials to reduce the unit cost.
- Considering the needs of the market and identifying the specifications it requires, such as sustainability, green investment, and digitization.
- The government should grant financing to the real estate developer on the basis of applying sustainability in its projects.
- Reconsidering the Egyptian building laws.
- There is an urgent need for a clear mechanism for land allocation under the public-private partnership (PPP) system with the New Urban Communities Authority (NUCA).
- Reconsidering the licensing system.
- The government must sponsor real estate funds to solve the financing problem for developers.