The number of real estate developers investing in the New Administrative Capital (NAC) is estimated at 300 developers, says Magdy Amin, chairperson of the Real Estate Sector at Administrative Capital for Urban Development (ACUD) Company, pointing out that the NAC is open for all to invest.
During the annual Cairo-Dubai real-estate conference held on Thursday, Amin stressed that the phases of delivery are going well and the first project will be delivered within six months in the government district in the NAC.
He added that there are real estate developers racing for the New Urban Communities Authority and government companies operating in the capital.
Tarek Shoukry, head of Real Estate Development Chamber at the Federation of Egyptian Industries, said that the cost of establishing smart projects depends mainly on infrastructure at a higher cost of 5-7%, but in the long run it’s better investment since these projects save energy and increase their added-value.
Shoukry noted that the Egyptian market is moving rapidly towards the development of smart city projects in various phases of development, including design, implementation, and services to marketing, which currently depend on Internet and a larger use of technological intelligence.
He explained that he has recently witnessed a shift in style where designers are creating smaller spaces while maintaining optimal utilization via smart technology.
For his part, Ahmed Abdel Hamid, head of Building Materials Chambers at the Federation of Egyptian Industries, said that real estate development is based on the building materials sector and its workers, adding that the Egyptian private sector took full responsibility in the recent period in all fields within the building materials sector.
Abdel Hamid stressed that the building materials sector is one of the gas consuming sectors. Despite its environmental degradation, the market is still experiencing a high demand for building materials, and if this sector does well, then so will the other related sectors
Chairperson of the Council of Arab Businesswomen (CABW) Abeer Essam said that the institutions which the CABW has contracted, headed by the Dubai Real Estate Institute and Dubai Land Department (DLD), are all aiming to activate ways of cooperation to better ensure the support of the real estate sector Egypt and the Arab world through well formulated plans prior studies.
Essam pointed out that the DLD has a vital role in activating real estate transactions in Dubai.
She further noted that the real estate market in Egypt is growing stronger every day, and it has the qualifications necessary to create competitiveness thanks to the political and economic climate and the state’s great support for the sector.
Majida Ali Rashid, Assistant Director General of DLD revealed that Dubai’s real estate sector has achieved AED 80bn in 2018, noting that the volume of investments for women in Dubai reached 30% worth AED 12bn, while 170 Egyptian women contributed to the real estate sector in Dubai with AED 223m.