Egypt’s real estate sales are expected to see 15-20% increase following the coronavirus (COVID-19) pandemic, according to Islam El Shehry, Managing Director of Golden Point Real Estate Developments.
El Shehry added that the local real estate market remains, so far, unaffected by the ongoing pandemic. He highlighted that, although there had been a slowdown in sales, companies have yet to record losses or a halt in sales.
He projects that, in the wake of the coronavirus crisis coming to an end, the real estate market will achieve a sales increase. El Shehry noted that the coronavirus outbreak is a temporary crisis and will be followed by prosperity, adding that all global crises are followed by a trend towards safe investment destinations, namely property.
El Shehry noted that some real estate companies have already adapted their sales services upon government recommendations, with their sales representatives meeting clients in their homes.
He explained that some real estate companies have adapted to the situation, whether through providing facilities, discounts, or even decreasing monthly installments.
El Shehry emphasised that Egypt has a genuine need for real estate, with an expected property sector boom due to accumulated demand following the coronavirus crisis.
Despite turbulent times, the real estate sector maintains its optimism, with sales expected to double in the aftermath of the coronavirus crisis. This is due to attractive offers and affordable prices, he noted.