The 14th International Property Show (IPS) 2018 was held at the Dubai World Trade Centre in the UAE from 9 to 11 April with the participation of 17 Egyptian real estate developers and Banque Misr for the first time since the inauguration of the exhibition.
The Egyptian companies are expected to achieve sales of EGP 2bn through their participation in the exhibition, according to Walid Farghal, director general of the IPS.
Farghal commented, “the Emirati and Egyptian governments enjoy an exceptionally strong relationship that drives and supports investment in both countries. We look forward to working with Makanak Real Estate Club (MREC) and welcoming Egypt’s minister of housing to further cement this alliance. The UAE is the leading foreign investor in Egypt, with the value of Emirati investments reaching $6.2bn in 2017. During IPS, we expect to drive sales worth AED 20m for each Egyptian developer.”
Mahmoud Abd Al Haleem, chairperson of MREC, strategic partner of the IPS, added, “as a strategic partner to IPS, MREC will be managing the Egypt pavilion to add value for the participating Egyptian developers, with the goal of helping them to achieve sales worth EGP 100m. Egypt’s property market is expected to rise strongly in value over the coming years, with construction booming to meet the growing demand. One of the biggest projects in Cairo is the New Administrative Capital, which is due to open in mid-2019 and will present investors with a range of new investment opportunities in the city. At IPS, we will be supporting this growth by attracting a new wave of investment from buyers from across the globe.”
The Egyptian pavilion is on an area of 5,000 sqm with a total wing area of 25,000 sqm. The number of investors reached about 4,000 from different countries around the world, other than visitors. The exhibition also reflects the purchasing capabilities of more than 10 nationalities.
The IPS received about 600 requests from customers in the Arabian Gulf countries to obtain real estate units in Egypt on the first day of the exhibition, according to Farghal.
Farghal pointed out that more than 120 exhibitors from 26 countries, including the United Arab Emirates, Spain, the UK, the US, Portugal, Turkey, China, Cyprus, Malaysia, and Thailand, participated in the exhibition, along with Egypt, Georgia, and Azerbaijan taking part for the first time.
He noted that demand for purchasing real estate units in Egypt focused on luxury housing in various cities as well as coastal properties.
He explained that the Egyptian market has many advantages to attract investment, including security and political stability, climate, and unit prices, especially following the pound’s flotation, along with facilitations provided by real estate developers such as installment periods which reach up to eight years.
He elaborated that the exhibition witnessed great competition by companies to offer discounts and a variety offers reaching up to a 20% discount on a unit’s price. Also, a number of banks that provide real estate financing at the lowest interest rate of up to 1.85% are participating in the exhibition.
The most prominent companies participating in the exhibition are Mountain View, the golden sponsor of the Egyptian pavilion; Emaar Misr; Rooya Group; Mangroovy Residence; Dorra Group; Orientals for Urban Development (OUD); Saudi Egyptian Construction Company (SECON); Cecilia Lagoons; MBG Group; Safwa Urban Development (SUD); Emtelak for Real Estate Development; and MREC. The exhibition also includes major financial institutions such as Banque Misr.
Emtelak for Real Estate Development offers Garawla Islands, which is located on 176 feddans in North Coast and the project is divided into 11 artificial islands interspersed with lagoons and large water bodies.
The project’s unit sizes are as small as 75 sqm with prices starting at EGP 700,000. The company provides price offers with a variety of discounts on a total unit, determined in accordance with the down payment.
MBG Group and SUD offer their fully-finished units at discounts reaching EGP 200,000 of a total unit’s price.
For her part, Mountain View Public Relations and Communications Manager Sarah El Tabakh commented, “Mountain View emphasises the important role our company plays in exporting Egyptian real estate abroad and particularly to the Gulf countries. This region is especially important for us, as we are witnessing close investment cooperation and many GCC and UAE investors are taking an interest in Egypt’s real estate market. Our participation also demonstrates Mountain View’s commitment to supporting the Egyptian economy and its real estate sector. We will achieve this by offering exclusive benefits on our flagship project, where we will be offering 0% to 10% down payments and six to nine years without interest for units ranging from studios and small apartments and villas, to town and twin houses.”