Mohamed Kaoud, President of the Egyptian Junior Business Association’s (EJB) Tourism and Aviation Committee, said that the expansion in Egypt’s real estate sector will provide investment opportunities in the hospital and tourism sectors.
The three-day Cityscape Egypt exhibition which is currently underway under the auspices of the Ministry of Housing, Utilities and Urban Communities is hosting leading developers in Egypt. The exhibition aims to provide a wide variety of residential, industrial, hospitality, or other real estate products around the country to buyers looking to invest.
The Egyptian consumer’s shifting demographics and lifestyle plays a crucial role in the growth of a city. Not only is the quality of the apartment or villa important, but it is the basic community elements that complete a society and which are a bonus for buyers. This includes the availability of targeted convenience stores, food and beverage (F&B) venues, medical services, and schools.
Kaoud said, “In reality, the novel coronavirus (COVID-19) has increased the demand and importance of providing social infrastructure in future citations and innovations, offering the environment of ‘live, work and play’ within communities.”
He added, “Although Egypt is creating new cities nationally, and encouraging private-sector commercial investment, the construction of sustainable cities that enable families to move and live in these new destinations remains a challenge.”
To address this challenge, cities that focus on economic growth and encourage job creation need to be planned and built. Egypt’s demographics are continuously evolving and adjusting to new developments in lifestyles.
Younger households are more likely to migrate from more heavily populated neighbourhoods to developments and cities that not only deliver improved building quality, but also critical social infrastructure.
In addition to residential neighbourhoods, the timely completion of these social components is likely to ensure higher occupancy rates relative to stand-alone residential projects that only draw investments that protect against inflation.
Ensuring a healthy residential mix with business elements that foster economic growth would provide several revenue sources for developers, whilst diversifying risk and raise price premiums.
With a growth trend in the hospitality sector and a new wave of high-tech facilities and construction materials available, developers have the means and market conditions required to build better, faster, and to optimise the experience of each guest.
“The introduction of dual-brand and triple-brand hotels in the industry is one of the newer trends in hotel growth,” Kaoud added, “Micro-hotel units, where rooms are very small and effective, and amenities are roomy and accommodating, are another new trend making its way to the market.”
He also said that the hospitality sector is seeing the guest experience grow in new and exciting ways with many new, independent hotel brands breaking into the market.
To be successful in a fast-moving industry, like hospitality, means never standing still. Today’s guest demands are tomorrow’s history, so the clever companies are the ones which constantly peer over the horizon.