Tatweer Misr has achieved of EGP 5bn in sales from its projects until the third quarter of 2018 out of its targeted EGP 7bn by year's end, according to Managing Director (MD) and Board Member, Ahmed Shalaby. Shalaby related to Daily News Egypt that the company is currently preparing to launch a new phase next month in the IL Monte Galala project in Ain Sokhna, which will be service apartments. Tatweer Misr is still interested in expanding in the west Cairo area to develop new projects, which in connected with the regional growth and investment's importance, Shalaby added. The company's MD stressed the importance of Cityscape Global, which was held in Dubai early October, where the company exhibited its projects under Ministry of Housing's umbrella, in which the overall number of visitors increased, especially from companies of different nationalities. "The Egyptian pavilion also witnessed the interest of visitors looking for accommodation outside their countries with added benefits. The exhibition's main objective was to promulgate the magnitude of development and projects currently being implemented in Egypt," Shalaby indicated, adding "Egyptian companies focused on exhibiting the most prominent developments and government decisions issued to support real estate exports, especially the decision to grant residence for property purchase, which Interior Ministry is expected to issue the executive regulations soon, in preparation for practical application." Notably, Shalaby expected that the market would witness a hiatus in sales during the coming phase, especially with the continued focus on a specific residential segment, in addition to the lasting stability of customers' purchasing power. The government must reconsider the mortgage financing system, which currently is the most prominent option to revive sales operations in the real estate market, Shalaby concluded.
