Director of Business Development at RE/MAX Egypt, Sherif Mahmoud, said the company’s sales increased by 80% in the first half (H1) of 2019 to EGP 6bn, compared to EGP 3.250bn last year.
Mahmoud added in the roundtable on Wednesday, that the company’s branch network has grown to more than 35 offices in Egypt in less than seven years through the franchise model. The company aims to expand to 50 offices by the end of 2019 and 70 offices in at least 12 governorates by the end of 2020, in addition to 1,000 real estate marketeers.
RE/MAX has more than 8,000 branches in over 110 countries around the world. The company has now more than 35 offices in six governorates in Egypt, including Cairo, Giza, Alexandria, Red Sea, Daqahleya, and Gharbia which employs more than 600 real estate marketeers.
RE/MAX Egypt has recorded 70% increase in resale share in the local real estate market of the total operations during the first five months of this year compared to 60% last year.
Mahmoud pointed out that resale operations increased during the current year despite the attractive offers presented by real estate investment companies.