Sherif Heliw, Chairman of Marseilia Group, says that 2020 was an exceptional year for the group and all Egyptian real estate development companies, Invest-Gate reports.

“We faced several challenges, such as maintaining the implementation rates in the ongoing projects in light of the precautionary measures and reducing the number of workers in sites ”, Heliw continues. 

He further adds that the Marseille Group has succeeded, thanks to its expertise and the efficiency of its human cadres, in achieving the difficult equation between adherence to precautionary measures at construction sites, and carry off implementation rates on the specified dates. As a result, the group delivered more than 750 chalets and villas in the second phase of its flagship project Marseilia Beach 4 – Sidi Abdel Rahman, with the third phase of the project to be delivered in 2021.

Chairman of Marseilia Group also refers to the repercussions of the Coronavirus pandemic on the real estate sector, as it led to a decline in demand for real estate, pointing out that despite the crisis, the real estate remains the safest asset with various challenges and crises.

Heliw further expresses his optimism about the future of the real estate market during 2021, expecting that it will witness a recovery, with the availability of a vaccine and the easing of restrictions, not to mention that real estate development companies have become more prepared to face the second wave, “I expect the Egyptian economy to fully regain its strength by 2022,” he says.

He also indicates that the issuance of new building requirements will clarify the construction in Egypt, praising the government’s performance in providing all the motivational factors to implement the urban development plan. 

Regarding his expectations for real estate prices in 2021, Heliw predicts that prices will remain coherent, and he also anticipates an increase in the Egyptian real estate price between 15-20% by the end of the first quarter of the year with the high rates of demand.