Real estate brokerage firm RE/MAX Al Mohager aims to achieve EGP 2bn contractual sales in ready-to-move–in units (resales for developers) this year, according to franchise owner Mohammad Degheady.
Degheady added that the company is also targeting sales of EGP 1.5bn in other property products within its 2020 marketing plan. The company has agreed with developers to develop new financing solutions for ready-to-move-in and under construction units that are compatible with real estate market changes under the current circumstances.
He noted that the company has achieved its contractual sales target during the first quarter of this year. It is currently putting the finishing touches on its marketing plan for ready-to-move-in housing units and resales until the end of this year.
RE/MAX Al Mohager has agreed with a number of developers to provide new financing solutions that are compatible with market variables and target customer purchasing power. This is particularly aimed at ready-to-move and under construction housing units, he disclosed.
Degheady said that his company intends to provide innovative new financing solutions and mechanisms that contribute to boosting sales at real estate companies.
He also said that despite the negative economic impact of the coronavirus (COVID-19) pandemic, particularly on the real estate sector, it has restored the balance of supply and demand.
Economically, many Egyptian expatriates who have returned to the country are willing to purchase property. Psychologically, it is important for people to have a home in which to feel safe and protected, a sentiment that has increased particularly in light of the government imposed curfews and social distancing.
Despite the slowdown in Egypt’s real estate market, the resale sector has been the most fortunate. This is due to a rebound in sales in the resale sector, in comparison to other administrative, commercial and entertainment properties, Degheady concluded.