The V Estate Expo exhibition and conference has concluded its activities after the participation of major developers, investors, and experts in the real estate sector, Invest-Gate reports.
The leading virtual expo has continued to present ideas, opportunities, and future strategies in the key sector, in addition to addressing the impact of the coronavirus outbreak and ways to make the real estate sector recover.
For his part, Asser Hamdi, chairman of the Orientals for Urban Development, highlights the factors that have affected the real estate investment in Egypt during the past year, including the impact of the pandemic, the loss of businesses, and income reduction.
Additionally, Hamdi praises the government’s move to the administrative capital, which he considers “a step that would lead to a boom in real estate marketing.”
On other hand, Khaled Al-Husseini, spokesman for the Administrative Capital Company, reveals that the construction work in the government district at the New Administrative Capital has been completed by about 95%, and is ready for the ministries to move to by the end of this year.
Deputy Minister of Housing for National Projects Khaled Abbas agrees that the administrative capital has created a new real estate market and a development area in which demand has reached a large percentage. During his participation in the V Estate Expo, Abbas says that he expects an increase in demand for projects that have already achieved a large percentage of sales.
Moreover, former Minister of Investment and International Cooperation Sahar Nasr also praises the role played by the state in the field of real estate financing, bridging the gap between supply and demand in the sector, as well as establishing many funds to support the financing of new projects.
Abdullah Sallam, CEO of MENCA, explains the criteria for sustainable development in the real estate sector and the importance of planning cities and buildings in a way that allows future generations to benefit from them, as well as enhancing the quality of life for residents.
Ali Abdel Ghaffar, CEO of Square Seven, says that the growing number of developers in Egypt has contributed to increasing competition, adding that resale operations are one of the most important challenges facing the Egyptian market, as well as the abundance of units available and the long payment options provided by real estate companies.
After the success of V Estate Expo, Ahmed Barakat, CEO of Expo One, which is responsible for organizing the exhibition, points out that a number of challenges had to be faced at the beginning, such as the nature of the experience and ensuring its success, in addition to attracting customers to the virtual exhibition as an alternative to traditional exhibitions.
Regarding the positive feedback from the public to the success of the third round of the exhibition and conference, Barakat says that the challenges increase with each round and that this round was marked by the launch of a special hall for the projects of the New Administrative Capital, “which puts more responsibilities on us.”
Barakat reveals that the idea of creating such a project came to his mind while he was attending a round table session in the presence of President Abdel Fattah El Sisi when the president spoke about the digitization of sectors and how important the process is.
“I expect the real estate sector to successfully move towards digitization in the near future,” Barakat states, adding that V Estate Expo continues its activities throughout the year through its website (www.vestateexpo.com) and the smartphone application (V Expos).