There are two main problems in the real estate sector in Egypt. The first is the absence of the role of legislation, including licenses for sector employees and the tight supervision on it, according to Ahmed Ezzat, CEO of Nozol, a specialised company that produces technological solutions to real estate sector problems.
During his speech at the Techne Summit 2018 held over the past two days, Ezzat added that the second problem is the mismatch between the supply and demand in the market. “It has been shown that 70% of those looking for a property do not find the product that suits them, while there is an abundance of supply for high-priced properties,” he added.
Ezzat explained that this gap is mainly due to the fact that most of the business decisions are not based on accurate data, and that real estate developers should develop urban communities under certain specifications that clients require, rather than the specifications that they like.
The Techne Summit 2018 was attended by over 100 speakers from 25 countries, including the United States, Lebanon, Argentina, England, and Germany, as well as 180 emerging technology companies, and a number of local and international start-up finance companies.