The virtual exhibition V Estate Expo concludes its second round on March 23, highlighting the latest trends and technologies in real estate development in Egypt, Invest-Gate reports.
Many distinguished speakers join the conference to highlight the challenges and opportunities available in the market for investors and individuals.
Khaled Abbas, Egypt’s deputy minister of housing, stresses during the sessions that there are many investment opportunities in the real estate projects in the Egyptian market. Abbas adds that these projects include new cities like the New Administrative Capital (NAC), the new Alamain city, the new Mansoura city and the new Aswan city.
According to the deputy minister of housing, the government is keen on moving to NAC in June 2021, and that ministries will start receiving their buildings in the new capital soon in preparation for the transfer in later this year.
In another session, Naguib Sawiris, chairman and CEO of Orascom Investment Holding, stresses that the real estate drop is caused mainly by the weakened purchasing power of many citizens, in addition to the rising prices of land offered by the government.
Sawiris calls for giving land free of charge to developers in order to stimulate the real estate market in the coming period.
Conversely, Ahmed El-Sweidy, CEO of El-Sweidy Cables, said that the impact of the coronavirus pandemic on the real estate market is huge and it will change the way we do business in the future.
“We expected a 50% drop in our company’s sales, but fortunately that number was only 20%,” he points out, adding that this is because Egypt didn’t panic and went on with its projects and infrastructure despite all the challenges.
Dalia El-Saadany, member of parliament and design ambassador, speaks about architectural identity in the future of projects in Egypt. The disproportion of population in Egypt is a major problem, El-Saadany said, and that is why the government is encouraging the expansion in new cities.
Likewise, Hazem Galal, global leader for cities and local government, highlights the emerging trends in urban development that are affected by demographic and economic shifts, technological breakthroughs and climate change. “The growing population means there is a necessity to tackle future challenges while delivering sustainable outcomes,” Galal notes.
Furthermore, Yasser AlObaidan, founder and CEO of Jawraa, points out to the benefits of digital transformation and smart cities as main drivers in current and upcoming real estate real estate projects. He adds that a project like the Saudi “NEOM” city, located in the northwest of Saudi Arabia, will run completely with Artificial Intelligence (AI) and will be powered by clean energy.
Samar Abdel-Fattah, founder and CEO of Disruptive Mobility Technology, says that digital transformation and new technology trends are changing the future of trade and transactions in the real estate market.
Ahmed Barakat, CEO of Expo One, highlights that V Estate Exhibition which is co-organized by Expo One and Grand Technology, comes in line with the political leadership’s directions towards the digitization of vital sectors in Egypt, including the real estate sector.
Lastly, Sameh Thabet, MD of Grand Technology, points out that more than 90,000 have participated in the second round of V Estate Expo, which was organized from Sunday to Tuesday (21-23 March), with 18 real estate developers taking part in the event.