Egypt Economic Summit has discussed the future of the country’s real estate sector amid the Coronavirus woes, highlighting the benefits of the health crisis on the market, Invest-Gate reports.
Developers confirm during the one-day event- under the auspices of Prime Minister Mostafa Madbouly- that the sector has benefited from the crisis, which includes the electronic transformation and the understanding of the new needs.
During the panel discussion, Hyde Park Developments CEO Amin Serrag indicated that the Egyptian real estate scene has indeed benefited from the continued COVID-19 shock through digital transformation.
On his part, Mountain View Founder and CEO Amr Soliman praised the measures taken by the state to combat the pandemic crisis; not to mention its keenness to balance between safety and economy. He further points out that Mountain View has achieved sales of EGP 9 bn as a result of the precautionary steps taken by the company to deal with the ongoing pandemic.
Meanwhile, Inertia CEO Ahmed El Adawy expressed his optimism for the real estate sector in the upcoming period, given the experience companies have obtained in dealing with crises.
Deputy Minister of Housing Walid Abbas revealed that more than 110 ministerial decisions have been approved for real estate projects on an area of more than 47,000 acres during the current year, which affirms that the government has succeeded in confronting the COVID-19 hit.
Moreover, Tatweer Misr President and CEO Ahmed Shalaby said that the fourth-generation cities are a turning point for the Egyptian real estate sector, pointing out that the government has begun to adopt a new approach to construction in Egypt.
Head of the Real Estate Development Chamber Tarek Shoukry confirmed that the germ episode proved Egypt’s strength in facing crises, pointing out that real estate developers have dealt well with the Coronavirus disruption.