Egypt's parliament speaker slams justice minister over 'inaction' in fighting corruption at notary offices    Egypt's foreign reserves sufficient to cover imports for 8 months – minister    'The Irishman' draws 17 million U.S. viewers on Netflix, Nielsen estimates    Art Alert: King Lear on Cairo stage four times in December    Man arrested for alleged racist behaviour during Manchester derby    Egypt's fuel subsidy bill drops by 69% year on year July-Sept: Minister    Half of lymphoma patients alive three years after new cell therapy treatment: Study    Trump asks World Bank not to lend money to China    Ukraine faces new challenges in peace talks with Russia    Salah's absence was 'bad luck' for El-Badry's debut with Egypt, says EFA boss    Protesters flood Hong Kong as government urges calm    Saudi airman may have become radicalized before US Navy base attack    UK PM Johnson promises lower immigration if he wins election    Live score: Aston Villa v Leicester City (English Premier League)    Rocket hits Iraqi cleric's home following deadly Baghdad attack    Winners of African App Launchpad cup announced    New waste management system needs cooperation at all levels: minister    Egypt's Sisi reviews anticipated New Administrative Capital relocation plan    Iran says new budget bucks US oil embargo, uses Russian loan    Criminal court sentences 4 to death for killing 3 policemen in 2016 robbery    The role of academic institutions in culture industry discussed at Alexandria Theatre Festival    Even being big, burly one needs his mother    Egypt Zamalek's new coach eyes winning start in Champions League against 1º de Agosto    Egypt's Cabinet denies reports on increasing Jan. train fares    WHO decries "collective failure" as measles kills 140,000    First flight attendant with Down syndrome leads crew on International Day of Disabled Persons    Things to do to receive 2020 feeling better    Mohamed Salah, Zamalek's Hamed represent Egypt in shortlists for CAF awards    Rate of HIV infections in Egypt around 0.02% – minister    Adam Sandler threatens to make ‘so bad' movie if he doesn't win Oscar    Egypt's Tahrir Square among top Reuters photos of a decade    Ahly labour to Egypt Cup win over second-division Beni Suef    Gearing up for the World Youth Forum    Shaaban Abdel Rahim, passed away aged 62 years    Egypt names 16 new governors ahead of anticipated Cabinet reshuffle    Egypt's MPs back potential return of information minister post in expected reshuffle    Court sentences six to death, 41 to lifetime imprisonment violence related case    Trump says he would release Mideast peace plan after Israeli elections    ACWA Power compares 3 bids to supply production units for Luxor power station    What do you know about gold alloying?    NBE announces EGP 2.5m prizes for handball youth teams for their world achievements    Jennifer Lopez evokes Egyptian outrage post her North Coast performance    Al-Sisi honours Egypt's scholars on Science Day    IS claims responsibility for suicide bombing killing 63 in Afghan wedding    Political parties gear up for parliamentary, senate, local elections    Unprecedented Glory: Egypt win Men's U-19 World Handball Championship    12th National Egyptian Theatre Festival fuel up public theatre art scene    Ministry of Environment has a plan for "black clouds season"    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Property Finder conference analyses latest trends of Egypt's real estate sector
The website received bids to sell property of a value of EGP 3.37bn, says Hamad
Published in Daily News Egypt on 30 - 04 - 2017

Property Finder, a real estate website, revealed the latest news regarding the real estate sector in Egypt. This came during a conference that was attended by 150 real estate companies working in Egypt. The conference aimed at introducing the website's wide-scale expertise to its partners working in the market.
Property Finder's team organised a workshop on the sidelines of the conference to review the latest marketing trends in the world concerning the real estate market. The workshop aimed at facilitating the marketers' job. It explained e-marketing ways in Egypt and means to help websites to benefit from search engines, as well as presenting ways to write distinctive and attractive content.
During the conference, Property Finder's executive manager, Mohamed Hamad, said that "Property Finder depends on the latest technologies to enable its partners to achieve the best results possible. This aims at meeting the continuous growth in real estate investment, especially since real estate is considered a safe haven for investors after the recent economic fluctuations."
In 2016, Property Finder received bids to sell real estate at a value of EGP 3.37bn, Hamad said. He added that the most wanted destinations are cities like Sheikh Zayed, 6th of October City, New Cairo, and Ain Sokhna, as well as the districts of Nasr City and Maadi. He explained that the most wanted property categories are residential apartments, followed by villas. People mainly searched for apartments across the aforementioned cities and districts, followed by villas in New Cairo and Sheikh Zayed.
He added that the most searched-for apartment size was between 100 and 150 square metres, especially in New Cairo, 6th of October City, Sheikh Zayed, and Nasr City.
Furthermore, the manager of the strategic consultation department in Jones Lang Lasalle Egypt JLL, Aya Ghanem, said the hotel sector is the fastest growing sector in the country. Hotel occupancy rates increased by 12% after the drop of hotel room prices, which especially affected foreigners. This was caused by the flotation of the Egyptian pound, Ghanem said. She also pointed towards a drop in store rents at shopping malls, while occupancy rates simultaneously dropped to 83% compared to 86% last year.
Ghanem hinted at a number of factors that will lead to a period of prosperity for the real estate sector, including the positive developments of the economic climate, which will be reflected in steady growth rates. This will additionally impact the supply and demand across all real estate sectors, she said, adding that the economic reforms will also help with increasing demand on property in the upcoming years.
Ahmed Iraqi, the participant executive manager in "Property Finder", asserted that new technologies had provided more and newer marketing means that are more effective than the traditional ones. This comes due to a spread of internet services nationwide from which more than 50% of the Egyptian population is benefiting.
Iraqi said that the spread of internet in Egypt helped with developing the real estate sector, adding that most real estate marketers are now using the internet. The internet also saves about 84% of costs compared to traditional means, he said.
During the conference, Hamad presided over an open discussion session with the representatives of big real estate companies in Egypt, including Property Finder Group executive manager Ahmed Amin, Diarna executive manager Ahmed El Menshawy, Go Green executive manager Hisham El Masry, and Egypt Best Properties executive manager Mohamed Gawid, to discuss the opportunities and challenges for the sector in Egypt.
They agreed that the real estate market in Egypt is considered one of the best markets in the Middle East and North Africa region. They also said that the sector is one of the safest sectors for investment, especially after the economic crisis, asserting that average revenues from real estate investment in Egypt reach between 20% and 30%.
The participants asserted that the Egyptian market will not witness a real estate bubble, adding that 90% of the market's buying and selling transactions are based on savings and cash—not on loans. They also pointed out that the hike in the prices of real estate did not equal the rise in the value of foreign currency compared to the Egyptian pound, stressing that the prices of property will rise in the future.
Meanwhile, during the discussion, real estate marketers said that the New Administrative Capital is a great project that will contribute to improving the Egyptian economy. They urged the government to reconsider the pricing of the lands and units put out for sale in order to implement the project as scheduled and according to the proposed plans.


Clic here to read the story from its source.