New Avenue Real Estate Consultancy has achieved sales worth EGP 2bn for real estate developers since the beginning of 2019 until now, according to Commercial Director, Aala Ezzat.
Ezzat said that the proportion of commercial and administrative sales reached 40% to 50% of the sales.
Accordingly, the company has completed the marketing of administrative units for the 10 largest international companies which opened a new headquarters in Egypt, he noted.
The previous period witnessed a remarkable demand for commercial, administrative, and industrial service properties in many new cities, especially the Fifth Settlement, New Cairo, which is characterised by its proximity to the New Administrative Capital, he explained.
He pointed out that the company was able to rent 12,000 to 13,000 sqm in the Fifth Settlement for major international companies. Moreover, Ezzat added that rents per square metre range between $20 to $40 and varies according to whether the unit is semi-finished or fully finished as well as the location inside a compound or service centre.
Furthermore, he added that 80% to 90% of the contracts signed by New Avenue for commercial and administrative units are for the benefit of international companies.
Last year, the company achieved sales equivalent to EGP 2bn, and it promises to exceed that figure, especially since the fourth quarter of this year has not yet begun and its sales are constantly booming. Moreover, real estate companies offer new phases of their projects with payment facilities and distinctive offers, Ezzat disclosed.