CEO and managing director of Palm Hills Developments Mohamed Sultan said that the Central Bank of Egypt’s decision to raise the exchange rate of the US dollar would positively affect the real estate sector by attracting foreign investment to the sector in the coming period.
Sultan added that it was necessary to float the Egyptian pound to be able to rebalance the exchange rate market and to achieve a competitive advantage among other markets in the coming years.
He noted that his company is working on expanding its customer base to reach the middle-income tranche as 25% of the demand is for middle-income housing.
Sultan pointed out that Palm Hills is working to provide apartments of 80 sqm and 88 sqm, and is currently designing units of 75 sqm.
The CEO told Daily News Egypt that Egypt’s real estate market needs more foreign investors, as it is one of the stable sectors, given that real estate companies were able to overcome the circumstances the country went through after the 25 January Revolution, including the lack of political, security, and economic stability.
Commenting on the increase in unit prices, Sultan said that the real estate sector will witness an increase in prices due to the high cost of property components, such as land, construction materials, and other administrative costs.
“The national mega projects have a significant role in the development of the real estate market in Egypt. These projects also contribute to creating job opportunities and promoting the economy during the current phase,” Sultan added.
Palm Hills Developments is a leading real estate company in the Egyptian market, primarily developing integrated residential, commercial real estate, and resort projects.
