Cityscape Egypt Exhibitors Predict Early 2022 Real Estate Economic Rebound.
In parallel with the Cityscape’s 10th-anniversary, exhibitors who signed up for September’s edition in Egypt forecast a rebound of the country’s real estate market with positive predictions for the next year.
In this regard, Ashraf Ezz, managing director of Al-Futtaim Group, states that the Egyptian real estate market is the best in the region and still gains a lot of investment opportunities, especially after its success to overcome the economic repercussions caused by the pandemic outbreak.
He further comments, “I expect there will not be a strong impact on the real estate sector in light of the efforts made by the Egyptian government to recover the sector. Rather, I expect the real estate sector to achieve more stability and growth during the second half of 2021, especially in light of the urban development in Egypt during the current period, as one of the state’s goals for urban development 2030.”
“The impact of the Corona crisis on the company is weak, especially in Egypt, it did not have an impact on our projects as our construction rate exceeded 95%”, Ezz remarks.
In the same context, the multi-disciplinary consultancy firm, Architecture and Planning International (API), discloses that the sector could see the results of post-COVID 19 resurgence by April 2022.
For his part, API’s Proposals Manager Marwan Fouad notes that the swift turnaround is a result of an agile pivot by real estate players within Egypt, explaining, “At the beginning of the pandemic, all businesses were affected since the companies were not familiar with the new challenges. However, by the beginning of the first quarter of 2021, most firms had set new strategies to face the pandemic and allow for adaptive planning. The results may show by the beginning of the second quarter of 2022.”
It is worth highlighting that Cityscape Egypt will run under the theme of ‘Moving Forward & Looking Ahead: The New Egypt,’ and it will take place at the Egypt International Exhibition Center from September 22-25 by Informa Markets – the world’s largest exhibition organizer.
The new edition will witness a number of local exhibitors showcasing and launching developments across Egypt’s new cities. Additionally, the two-day conference will present more than 45 speakers, and the live conference will feature keynote sessions delivered by government officials and local and international real estate experts.
For his part, Chris Speller, group director of Cityscape, states, “This 10th-anniversary edition of Cityscape Egypt brings all industry players together as the sector looks to navigate what promises to be a new era of opportunity as the market eagerly awaits approval of the Real Estate Developers Association Law. The law will usher in a new wave of sector confidence as it will regulate the market, protect customer rights and facilitate resolution of buyers and seller disputes.”
Additionally, he adds, “The market is also benefiting from a slew of government initiatives, including the recent 3% real estate financing incentive. The Egyptian market is transforming, and these are exciting times for real estate within the country.”
It is noteworthy that Cityscape Egypt is held under the patronage of and supported by the Ministry of Housing, Communities, and Urban Development, while ‘El Mostakbal for Urban Development’ is sponsoring this year’s edition as a Platinum Sponsor.