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Real estate sales rate increased 40% in 2019: study Ain Sokhna is the most attractive area for tourism and industrial investment in 2019, says Inland Properties
Real estate sales rate increased by about 40% in 2019 compared to 2018, according to a recent study by Inland Properties Group. The study stated that the number of projects under construction increased to about 260 projects. According to the study, Ain Sokhna city is the most attractive area for tourism and industrial investment during 2019, recording a turnout of vacationers by about 58%, compared to the North Coast, Sharm El-Sheikh, Alexandria, and Fayoum. Inland Property's CEO, Rabab Farrag stressed that Ain Sokhna area is promising and the state's interest in it makes it special not only at the local level, but globally. Accordingly, 2019 witnessed a 5% increase in the number of companies operating there. Farrag added that the Ain Sokhna's importance lies in its easy promotion externally, especially in the Gulf region, which revives the export of the Egyptian real estate. She attributed the revival of Egypt's property export to the decrease in demand for real estate investment in the region, such as Turkey, as a result of the turmoil there. In addition, the Egyptian property enjoys a competitive advantage after the depreciation of the Egyptian pound during the past five years. She stressed that Galala area in Ain Sokhna provided medical and educational services to all projects there. She also pointed out that after the complete opening of both Cairo-Ain Sokhna and El Galala roads, the city has become one of the most important sites, and the most attractive for businessmen and investors, who have established many luxury hotels and tourist resorts in that region. Rabab called on companies to offer easy payment methods that suit citizens' purchasing power, as well as waiving part of the profit margin to maximise sales.
