Egypt's real estate developers have to look for different ideas in their products to suit customers' purchasing power and meet their current needs, CEO of Serac Developments Kareem Mamoun has said. Daily News Egypt sat down with Mamoun to learn more about his recommendations to boost the local real estate industry and increase property sales. Mamoun stated that the customer cares about price and quality by offering units at prices commensurate with customer's ability and ensures that the developer constructs his project in accordance with the timetables agreed upon with the client. Client needs an investment vessel, in which he preserves value of his money from inflation and currency depreciation, and this will come through an existing project and adherence to construction schedules to maintain trust between developer and client. This requires that developers have good financial solvency and be able to develop and deliver units in time, Mamoun elaborated. Regarding developing Egypt's mega project, New Administrative Capital (NAC), Mamoun commented that the NAC needs to apply partnership mechanisms with developers which ease land development and rapid urbanisation of the city. Egyptian nationality to be obtained through real estate investment Regarding the decision to grant Egyptian nationality for the foreigner who buys a property worth $250,000, Mamoun stated that it is a positive decision and will contribute to increasing sales value of companies and will attract the Arabs because there are refugees from Syria and Yemen who may have the ability to buy property in exchange for obtaining Egyptian nationality. He added that its good opportunities for companies to innovate and introduce more innovative properties for those who would like to obtain Egyptian nationality to boost their sales and obtain more hard currency for the state. Accordingly, developers must work more to develop tourism by starting to establish and develop large entertainment venues, such as developing the largest amusement parks in the Middle East and the largest art forums that gather world celebrities in one event that is held in Egypt periodically. With regard to exhibitions, exhibiting companies must have constructed about 30% of their project and coordinated with foreign embassies in Egypt to visit their countries accompanied by famous Egyptians in the world such as football player Mohamed Salah, and this will give a great impetus to export of Egyptian property in the world. "I advise developers to sell phase by phase and not rush to sell in order to avoid gap between selling prices and construction cost, as well as creating different and smaller unit spaces at a lower price that can be used more in order to facilitate customer in a manner that is compatible with their financial solvency," he noted. He believed that if a new devaluation in local currency takes place, there will be a relative slowdown in real estate sales. Furthermore, the new devaluation might lead to crises for some companies in completing their projects because of high prices of building materials. These companies have recommended merging with other companies to be able to develop its projects and deliver in the required time. Initiating new mechanisms for purchasing lands In addition, the state has another role, which is facilitating and initiating new mechanisms for purchasing lands to make it easier for developers, because the cost of lands is considered large in relation to the development process, such as extending payment periods or conducting partnerships with developers in order to be able to build as soon as possible. As for the NAC, the state should reconsider the construction period, as well as periods for paying land installments, which may reach 10 years. Over and above, developing some legislations that will help develop and regulate the real estate market, the most important of which is the establishment of a partnership system, defining its form and procedures, as well as implementation mechanisms and determinants for selecting a qualified developer for that partnership, he pointed out. Another important law deserves reconsideration and support by the state, mortgage finance. The mortgage system should be developed to include off-plan properties and to increase financing for units. Kareem Mamoun has succeeded since 2018 to develop more than one successful existing real estate entity working in the NAC by achieving sales, marketing, and prices that suit client and developer. He is the first to be interested in consultants and real estate marketing, and to develop the idea of outdoors and various marketing tools that stimulate real estate sales. Real estate marketing must create a different product and think about attracting expatriates of different nationalities, as well as diversifying marketing missions in the Gulf and other countries, and they must develop different trainings to qualify their marketers, Mamoun said. I thank Daily News Egypt for honoring and appreciating the influential and innovative people in various sectors for motivating them to achieve more success, he concluded. Daily News Egypt honoured Kareem Mamoun as "The Most Influential Person in Egypt's Real Estate Market" for tangible achievements and successes he achieved in real estate projects that he managed throughout his business journey. Over the course of the 17 year, Kareem Mamoun, through his position as head of the commercial sector, led the launch of several projects within New Cairo, New Administrative Capital and North Coast ranging between residential, administrative and commercial properties. Mamoun has played a prominent role in launching a large number of the major projects in the New Cairo and New Capital. Besides, presenting marketing visions for the most important national projects in the Egyptian real estate market. Karim Mamoun's name has emerged as the best chief commercial officer in recent years, in addition to his experience in the real estate sector. Mamoun succeeded in innovating and reshaping mechanisms of real estate marketing in Egypt to become a role model for many other real estate companies Since 2018, he has had his own successful journey and unique signature with each entity that he has founded or taken a role in, with remarkable success in the commercial sector with different marketing ideas and great achievements in sales targets. The inaugural Daily News Egypt annual summit and DNE Awards were held on 15 March at St. Regis Cairo Hotel. The summit and awards were held under the auspices of the Ministry of Planning and Economic Development, the Ministry of Tourism and Antiquities, and the Egyptian Tourism Promotion Board (ETPB). The summit, titled "Leadership in Times of Crisis", addressed the economic reform process in Egypt, and it shed light on the deals, ideas, and visions that have made a difference in all fields. Additionally, DNE Awards honoured the most influential people and firms in Egypt during 2022/23.
