ERA Real Estate Egypt targets to achieve EGP 3.6bn in sales for developers in 2019, compared to EGP 3bn in 2018. This is driven by the activity of the real estate market, as well as the marketing of five exclusive projects for the benefit of three real estate investors, according to Ahmed Al Refai, head of the Commercial Sector in the company.
Al-Refai added that the company’s focus is on marketing commercial and administrative projects, alongside residential projects.
The company markets 75 projects ranging from first and second homes, commercial and administrative activities, Refai noted. ERA Real Estate Egypt’s customer database includes about 300,000 clients, in addition to the market studies conducted by the company for real estate developers.
He also revealed that the company is marketing five projects exclusively for the benefit of three real estate investors, including three projects owned by El Batal Group Housing and Development, namely Rock Eden, Rock Elite, and Rock Vera, together with two projects owned by another two developers.
Al-Refai expected a price increase of 5% this year in the real estate market due to the inability of the market to contract further new increases.
The resale decline rates currently reached 22% compared to last year, which is due to the desire of investors in these units to transfer their investments to new areas such as the New Administrative Capital (NAC), New Alamein, and Sheikh Zayed, in addition to the high profit margin of units’ resale, he pointed out.
Al-Refai additionally disclosed that the demand for purchasing property is high in the Sheikh Zayed extensions, the NAC, and New Cairo.