The newly offered apartments by Shams Real Estate Development cost EGP 750,000 to EGP 1.2m, marketing and sales manager Hany Gouda said.
These flats are located in the Andalus area of Fifth Settlement and range from 115sqm to 190sqm in size. The estimated cost of this project was EGP 20m, Gouda added.
Gouda said that the company was expecting a higher number of sales during the first half of 2016 but this wasn’t the case. However, he added, the company is hoping sales will increase by 30% during the second half of 2016 because many expatriates are coming to Egypt with plans to invest.
One of the hurdles that stand in the way of increasing sales is that most banks in Egypt do not give out loans to people who want to invest their money in buying new assets, whether out of necessity or to invest.
“The availability of giving loans that will be paid over years is an advantage given by banks to its consumer-based clients, but banks still don’t help us grow our sales and invest more,” Gouda said.
According to the Shams Real Estate Development website, the company was founded in 2000 with the sole purpose of “being one of the best in the real estate market”. It also offers flats in New Cairo, Al-Shorouq, and Al-Obour