Public exhibitions were halted early on in the lockdown due to the novel coronavirus (COVID-19) pandemic, as a way of curbing the virus’ spread. In light of this, there has been an encouraging surge in demand for exhibition space following the announcement of the Cityscape Egypt exhibition’s new dates, according to the exhibition’s Executive Director Faariss Khalil.
Khalil told Daily News Egypt that Cityscape Egypt will host the highest number of exhibitors since the event began, having sold out the majority of the floor space within a month of the announcement.
What is the total area of the exhibition this year? And how many exhibitors are expected?
We are looking forward to hosting more than 50 of the country’s top exhibitors across three halls of the Egypt International Exhibition Center (EIEC). While the majority of developers signed up will showcase residential projects, we’re also excited to welcome a number of exhibitors with projects that span commercial, retail and hospitality.
Why wasn’t the exhibition held online?
The decision to not have Cityscape as an online exhibition was made with careful consideration to all participants, as well as with input from our exhibitors and stakeholders. Judging by the overwhelmingly positive feedback we have had so far, there is a definite desire and appetite from both developers and visitors for us to host a physical event.
In the light of the COVID-19 outbreak, do you expect more demand on the exhibition?
In light of the halt of public events announced early during the global lockdown period, we witnessed an encouraging surge in demand for exhibition space following the announcement of the new dates for Cityscape. This is the highest number of exhibitors we’ve had sign up since the event began, and we sold out the majority of the floor space within a month of the announcement.
This influx of exhibitors has bolstered the number of projects and units available throughout the show. With such an amazing and diverse range of companies onboard, including private and government-backed developers, it encompasses the ‘under one roof’ ethos that visitors expect from the event.
There is currently some talk of the weak effect of exhibitions on boosting real estate sales and the trend has shifted more to online and social media platforms. What is your point of view on this?
We know that developers still view exhibitions as a genuine opportunity to connect directly with potential buyers and showcase their projects to interested parties. Potential investors also know that they can in effect shop around, discussing projects with investors and comparing deals. Of course, the digital realm is becoming increasingly important in virtually all areas of life, and that’s why we have developed our Cityscape Intelligence platform to keep our stakeholders educated and involved. We understand the importance of both on ground opportunities at Cityscape, and an up-to-date digital platform which provides the market insights and information to enable smarter, data-driven investment decisions.
Can you tell us how COVID-19 has changed real estate products?
Developments, projects and units in the country have, in recent years, pivoted towards community-living, implementing additional amenities and more consideration to space. And while the products themselves have not necessarily changed, consumer attitudes have evolved significantly since the beginning of the year.
The pandemic decelerated property export. In your opinion, what procedures do we need to boost foreign sales?
While the global property market witnessed a slump during the lockdown period, developers are now experiencing a new type of customer emerging in the market: Egyptian expatriates hailing from the US and European countries. Savvy investors are waking up to the attractive opportunities presented by leading developers and, when coupled with the ease of access to funds and mortgages, have the ability to invest in a number of available units.
What is your expectation for local real estate growth and sales in the coming period?
Based on the response from exhibitors and stakeholders, our outlook for the Egyptian real estate market remains positive. The real estate sector is an important part of Egypt’s economy, counting for roughly 16% of the GDP, and has proven its resilience over the course of an eventful year.
