Essam El-Din Moustafa, Vice Chairman of Golden Town Development, has stated that the rising value of construction materials directly affects the determination and increase of real estate prices, Invest-Gate reports.

However, Golden Town’s policy relies on a flexible approach that enables the company to maintain the pace of project execution within the predetermined schedule, even if the current execution rates exceed the set timeline.

Moustafa further stated that the company plans to ensure that its customers witness the realization of their units on the ground during the current and next years. This goal requires additional effort from the company during the construction phase.

Moreover, he added that the current progress of The Fort project involves completing all licensing documents and self-execution stages using the company’s personnel. The excavation and soil occupation stages have been completed, along with the execution and pouring of reinforced concrete exceeding 5,000 cubic meters.

The completion of Basement 3 for the mall is underway, and the entire concrete structure of the building is expected to be finished within the next 10 months. As for the Cascada project, the groundwork and excavation stages have been completed, and they are expected to be finished by the end of this year, followed by the implementation of the concrete structure, which is scheduled to be completed after one year.

Furthermore, the Dinero Tower project obtains approvals and engineering drawings and conducts soil tests to determine the appropriate concrete structure.

Moustafa pointed out that the purchasing power of the Egyptian and foreign markets is currently inclined towards engaging in safe investments, away from the risks of currency fluctuations.

Therefore, real estate investment represents a secure haven for investment, and from this perspective, he believes that the real estate market is experiencing significant activity during the current period.