Go Khozam Developments announces the completion of 70% of the construction work of the Go Heliopolis project in Nozha Street, Heliopolis, East Cairo, and intends to start the first delivery of the project in 2022, Invest-Gate reports.
Go Khozam Developments Chairman, Nader Khozam, states that the Go Heliopolis project includes 1,000 housing units, adding that the project is being marketed and developed in two phases.
Khozam further remarks that 80% of the project units have been sold out, and it is planned to start offering commercial areas within the project as of January 2022.
Additionally, he stresses that accelerating construction rates is the best solution for all companies during the recent period to maintain their credibility and commitment to delivery dates with the expansion of the real estate market. With the global inflationary wave, the need for speeding up construction works of sold units is increasing with expectations of a high construction cost.
Moreover, he expects price increases ranging between 10 and 15% in the real estate market in the coming period; accordingly, the current time is the best to buy property before facing new price increases. He further points out that these price hikes push real estate companies to be flexible in areas of offered units and payment systems to maintain boosting sales in the real estate market.
Even with the expectations of price spikes, the real estate market continues to sell due to its dependence on real demand, he elaborates.
Furthermore, he comments, “Real estate is a fundamental commodity for any citizen. Moreover, initiatives provided by the state to support citizens’ purchasing power, the latest of which was the initiative of the Central Bank of Egypt for mortgage finance at an interest rate of 3%, contribute to revitalizing sales.”