Egyptian real estate agent Aqarpedia has recorded EGP 750m in sales in the first half (H1) of 2020, according to Chairperson Ahmed Arafat.
The company’s sales figures come despite the negative economic impacts and the shaky consumer confidence caused by the novel coronavirus (COVID-19) outbreak in Egypt.
Arafat said that the recorded sales volume confirms the strength of Egypt’s real estate market, despite the coronavirus crises. It also reflects the real estate sector’s attractiveness as a safe haven for investment, especially in light of the current unprecedented construction boom in Egypt.
He added that sales trend has been affected in the recent period, but that Egypt’s real estate sector has managed to regain its activity. Real estate recovery came on the back of the recent financial measures undertaken by the government, including the slashing of interest rates, which has boosted many customers to invest in property.
In H1 of 2020, Egypt’s real estate sector, like many sectors both locally and worldwide, witnessed a recession on the back of the coronavirus epidemic.
However, Arafat expressed his optimism for H2 of 2020 and projected that companies would achieve strong sales in compensation for a large part of the losses experienced in the first half of the year.
Accordingly, real estate companies performance indicators in the past month have achieved the expected sales volumes that are normally seen at this time of year, he explained.
“Aqarpedia has sensed a very strong desire from customers to acquire residential, administrative and commercial units, especially in the New Administrative Capital and new cities, which accounted for 60% of the total sales that the company achieved in the first half,” Arafat said. “Moreover, 70% of projects the company is marketing target foreigners and Egyptian expatriates, which supports the state’s vision in supporting local property export.”
Arafat said that Aqarpedia aims to establish its place as the leading “Real Estate Encyclopedia” for Egypt’s real estate market. It seeks to do so by providing correct information and marketing, combined with credibility and outstanding performance to support and develop the sector.