Banks are expected to enter as an intermediate channel between the developer and the client, which will lead to increased interaction within the real estate investment market, ensuring easy payment process, according to a report press statement released on Thursday, by Property Finder one the leading platform in real estate marketing.
“Since we launched Property Finder platform in Egypt, we have been able to anticipate the future directions of buyers and to share it with our clients and real estate developers to work in line with these trends,” said Mohamed Hammad, Regional Director of PropertyFinder.
He added that the prevalence rate of mobile in Egypt, which exceeds 100%, and the prevalence of the Internet use among citizens which exceeds 50%, supports the trend of providing more services on the platforms. Since housing is one of the main needs of the Egyptian consumer, using the Internet is no longer a luxury but a necessity to ensure access to the largest number of buyers looking for real estate units used for various purposes.
Hammad elaborated, “A few years ago, the real estate developers and brokers were not convinced of the importance of digital platforms in advertising real estate units with various uses. As the developers and brokers’ visions developed according to in line with our expectations, the electronic platforms accounted for 80-90% of the promotional and advertising trends. Meanwhile, the budget assigned to press and road ads, for example, does not exceed 10% of advertising expenses.”
Furthermore, he explained that developers and brokers are expected to continue to focus on electronic platforms and sites such as social networking to reach the largest segment of future buyers. “The backdrop to current development, we expect banks to enter as an intermediate channel between the developer and the client, which will lead to increased interaction within the real estate investment market, after enhancing customers’ reassurance when depositing their instalments in the bank, which ensures easy payment process.”Hammad stressed in a press release issued by the company.
The index showed that the market during the first and second quarters was experiencing a weakness in the rates of interest in the property in general, while this month it began to restore the momentum of the demand for real estate units, especially residential, in conjunction with the holiday season, therefore the North coast was one of the most important search destinations. On the other hand, New Cairo, 6th of October, Sheikh Zayed, Nasr City, 5th Settlement, Maadi, Heliopolis, Haram, El Shorouq and Obour are among the most visited destinations by users in terms of residential units online search on the platform.
“The rental solutions come as a temporary move by a large number of consumers before making a final purchase decision due to the recent high price increases and the desire of consumers to wait for any new changes in the market, in the second place comes primary units with more flexible payment terms”Hammad said, elaborating that the resale market is the most effective segment of consumer demand, especially as the purchasing power of consumers prevents them from paying huge amount of money in one go to buy back units from the original owner. ”
He continued that Property finder is one of the most important search engines for the Egyptian real estate market, and that they aim to leverage the technology and the real estate sector to create a boom in the largest market in Egypt.
In terms of the age categories coming first in using Property Finder engine to search for Real Estate Properties, Platform indicators showed that more than 48% of users are within the age range 25-34 and women accounted for 57.2% of the search, while men accounted for 42.8% of the property online search.