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Egypt's real estate developers aim to benefit from AFCON to export properties Egypt has achieved great success in organising the AFCON and dazzled the world by organising the opening ceremony
Egypt's real estate developers and marketers see organising the Africa Cup of Nations (AFCON) in the country as a good opportunity to export properties to African countries. Egypt has achieved great success in organising the AFCON and dazzled the world by organising the opening ceremony. The tournament is also a good opportunity for Africans to closely learn about Egyptian real estate market so marketing companies can benefit from the event. According to Egypt's Prime Minister Mostafa Mabdouly, Egypt's share of real estate export in the Middle East is only $500m, out of $70bn. Madbouly noted that this figure is very low in light of Egypt's potentials in the real estate sector. “We started to participate actively in international real estate exhibitions, though we need greater presence in the world markets," he stated. Prime Minister Madbouly called on real estate companies to work on export their real estate products during the coming period, pointing out that Egypt deserves to be present in the global real estate market. He stressed his government's keenness to support the real estate sector, activate cooperation with Arab and African countries, and encourage property export and contracting industry, being an important part of the Egyptian economy. Reda El Menshawy, sales manager at Diarna Real Estate, said that the AFCON is a very good opportunity to export real estate, however, Egypt needs to organise property exhibitions in African countries with the participation of senior real estate developers. Additionally, the country should protect foreigners' rights in owning or renting properties because customers always need to be assured of the investment climate in Egypt, he elaborated. "However, there are some markets competing with Egypt in attracting Africans to buy properties, such as Morocco, Turkey, and Cyprus. These countries organise exhibitions in Africa regularly," he pointed out. "Moreover, Egypt's developers should have real estate agents in Africa, and there should be a real estate representative in each Egyptian embassy in African countries to promote the country's investment opportunities in the real estate sector." He further added that it is also necessary to have real estate property management companies for foreigners to convert their property into an investment project to increase or expand in developing service-apartments as an alternative to real estate management companies. Furthermore, Ashraf Diaa, managing director of ERA West Associates, noted that the real estate market in a touristic country with the ability of organising sports, cinema, and arts events, exhibitions, and conferences, is always attractive to investors. Diaa added that new technology helping in marketing properties just like hotels and serviced apartments is changing the way some investors think. For example, owning a property near a university, stadium, or exhibition land is considered an income-producing property as it can be rented for foreigners or locals who are in need for a short stay. He pointed out, "After this great organisation [AFCON], I would expect more events after proving how safe and welcoming is our country." Better Home Group's General Manager, Ashraf Adel, said that organising the AFCON in Egypt supports the country's tourism and investment promotion initiatives and confirms its restored political and security stability, which would attract more investments and thus improve the overall economic situation. Some real estate companies showcased some offers and discounts during the AFCON period, for example, Al Riyadh Misr for Real Estate Development is awarding a free 30-sqm garden for those buying units in its projects in Shorouk City and New Cairo during the AFCON 2019. "Al Riyadh Misr is celebrating with its customers Egypt's host of the AFCON 2019 through this special offer, which comes along a LED screen for each unit sold," said Ahmed Elgarhy, the company's marketing manager, noting that the offer is extended until the tournament's end. Each client buying a studio, with spaces varying from 20 to 30 sqm automatically gets a garden, while ground-floor residents will benefit from the front garden and owners of units at the first/last floor obtain part of the roof, Elgarhy elaborated.
