Following the Egyptian government's announcement to suspend all public gatherings in the country as a precautionary measure against Coronavirus fears, Cityscape Egypt exhibition was postponed until further notice. It was formerly scheduled for 18-21 March. Cityscape was highly expected by real estate development companies, as well as customers to benefit from offers and discounts made by companies throughout the year. At Cityscape exhibition, all exhibitors offer their new and special products that are reserved specifically for the exhibition's visitors. However, the exhibition's postponement did not affect developers' promotion plans and campaigns that were scheduled for the exhibition, as they will continue their offers and discounts for their clients. Last week, the Real Estate Development Chamber launched a new initiative to support and revitalise the real estate market by presenting companies' various offers and launching marketing campaigns after postponing the Cityscape Egypt. Chairperson of Tabarak Developments Ali Shorbani said, “There is no doubt that Cityscape Egypt is one of the most important and largest real estate exhibitions that we are keen to participate in. Nevertheless, the exhibition was postponed not cancelled so there are no worries, knowing that we must realise the potential of Egypt's real estate market and its strength. It is the righteous son of the Egyptian economy, as it was the only sector that has gone through several episodes since January 2011 and out of it with the utmost strength." With regard to Tabarak, Shorbani stated that the company has a strong and diversified real estate portfolio of residential, commercial, tourist, medical, and agricultural projects and the company emulate all customer segments and accordingly Tabarak's sales plans are decided to accommodate the market conditions and developments in the diversity of products. He stated that the company's plans will not be affected by the postponement of the exhibition or the conditions of the Coronavirus but despite that, the company always has alternative plans and a set of ongoing offers that help to face any circumstances. Similarly, Ahmed Shalaby, President and CEO of Tatweer Misr, said the adjourning of Cityscape is for the public interest, so continuing to hold the exhibition would hurt the sector. Shalaby added that the company continues with its advertising campaigns and offers that it would present to clients during the exhibition period to push purchasing power and overcome challenges witnessed by the market and local and global economy at the present time. He pointed out that companies have an opportunity in the current period to achieve major sales in case of continuing promotional offers and payment facilities, as well as they will have a new opportunity to achieve major sales also in the new time for the Cityscape exhibition, which has not yet been determined. CEO of IWAN Developments Waleed Mokhtar stressed that real estate companies, although they have lost a lot as a result of advertising campaigns and costs of preparing for exhibitions, are considered intangible and easy to compensate losses compared to what would happen to the sector as a whole when the exhibition was held and failed to achieve mass turnout. Mokhtar pointed out that the company started promotional campaigns for its projects since mid-February and will complete its campaigns and offers even after the exhibition was postponed. He noted that Egypt's real estate sector is strong, and the current time is best suited to purchase in light of offers provided by companies and the launch of new projects especially there are new price hikes are expected in the coming months. Chairperson of El Attal Holding Ahmed El Attal said the local real estate is the most powerful economic sector and is not easily affected by crisis because it is considered a safe haven for investment. El Attal expected that sector's sales will boom during the coming period, indicated that fears of a decline in the sector after postponing Cityscape exhibition, that the matter will not affect much of the company's sales volume due to market data during the past period. He further noted that the company's crisis management team prepared plans and alternative preparations in the case of cancelling or scheduling the Cityscape exhibition so that sales are not subject to decline. He said that the company has decided to begin Cityscape's offers from now until the end of March, which it would launch on 18 March and for a period of only four days so that customers benefit from special offers, discounts and privileges that they would have obtained during the four days of the exhibition. Chairperson of Real Estate Investment Division at the Federation of Egyptian Chambers of Commerce (FEDCOC) Mamdouh Badr El-Din confirmed that the decision to postpone the Cityscape Egypt conference and exhibition is a correct decision and is in the interest of real estate sector, given the current conditions and fears of the spread of Coronavirus. Badr El-Din said that holding the exhibition in light of current atmosphere would have achieved great losses for real estate sector in the context of the difficulty of visitors and clients attending the exhibition and then giving a negative mental image of demand in the sector. Consequently, the spread of rumours that threaten the market investments and disrupt all files that the state and developers are working on, including real estate export and attracting foreign investment. He pointed out that real estate companies have enough experience to deal with the current situation and avoid any effects of postponing the Cityscape exhibition, as companies will discuss marketing mechanisms that guarantee them to achieve targeted sales during the current period. CEO of Brickzey Property Management Ahmed Selim pointed out that the Cityscape is a platform to present projects and launch new projects or companies in the market, and it is also an opportunity to show many opportunities to customers in one place, but the postponement does not mean that the marketing and sales plans of companies are affected. Selim noted that the effect will not be substantial, but it is a relative and slight influence on the exhibiting companies. New Plan Developments also started the company's offers that were scheduled to be showcased during the Cityscape exhibition, last week until the end of the current month to give customers an opportunity to obtain the company's units with its various projects. CEO of Castle Development Ahmed Mansour confirmed that the effect of postponing the Cityscape exhibition will be evident on sector's sales in the first quarter and that it is expected that sales will increase next month considering that companies will continue their marketing campaigns, and instead of offers being for only four days of the exhibition will be for longer periods of time, which encourages customers to purchase. Mansour pointed out that Cityscape sales do not represent more than 10% as maximum sales for the whole year for most companies.
