CAIRO: The 34th “Amar Ya Masr real estate exhibition witnessed the participation of over 30 real estate and financial companies as well as the highest number of visitors to date, highlighting the boom in Egypt s real estate sector.
The three-day exhibition, which ended on Sunday, lured visitors to lavish, often unaffordable, displays. Egyptians working abroad, Arab tourists and Egyptian youth flocked to the displays of large residential complexes as well as tourist resorts.
The exhibition is an opportunity for all those who are interested in knowing what Egypt s real estate industry offers. With competition from international companies, an exhibition like this is necessary to promote Egyptian efforts, said Mohamed Madkour, who organized the exhibition.
Banking institutions were also present, offering payments plans for those who “sealed a deal during the exhibition. The Faisal Islamic Egyptian Bank, the exhibition’s official sponsor, was keen on participating in the event and offering payment benefits in an effort to help the youth and promote Egyptian real estate, said the bank s marketing representative.
Despite the wide variety of housing units available, the costs were still too high for the average Egyptian. “The display is very impressive and the carbon illustrations look very attractive, but paying a total of LE 500,000 for a house is not reasonable, Medhat El-Masry, a 26-year-old said. Many thought that the local exhibition would target the youth by offering more reasonably priced housing, but that was not the case.
Although these prices are half the price tags of international real estate companies, they are still “unaffordable.
At the different booths, marketing personnel were concentrating their efforts on Egyptians working abroad or Arabs. Many Egyptian families who live abroad and were here on vacation looked forward to buying a lush villa or a summer house on the North Coast, in Sharm El-Sheikh or Ras Sidr. They managed to put down their first payments on the spot.
Companies capitalized on the selling opportunities at the exhibition by displaying all their projects, allowing customers to take their pick. The Degla Group for Investment exhibited four projects: Degla View, Maadi Grand City, Rayhanah Residence and Bavaria Town. Although the four projects are in the Maadi district of Cairo, prices, layout and structure varied greatly.
“The exhibition is a great opportunity for real estate companies to compete and offer what they have. At the end [of the day], this is for the benefit of the customer, said Ikrami Mahmoud, Degla Group for Investment’s outdoor and exhibitions marketing manager.
Several companies had just arrived from tours in the Middle East. Katameya Garden’s second phase was on display, but the first phase was completely sold out following the company’s tour in Dubai, Abu Dhabi and Qatar.
All companies said they planned to participate in the next exhibition after the success they had this year. However no promises were made to reduce prices or accommodate the lower-income bracket in future projects.
