Real estate developers presented the most important challenges facing the export of Egyptian real estate projects abroad, stressing the importance of government steps to support this case, and requirements needed to expand in property export in the coming period, which will provide hard currency for the country and promote GDP growth.
The most important mechanisms the developers addressed to revive real estate exports are including branding Egypt and the recently launched cities, as well as providing privileges to foreign clients encouraging them to purchase property which is competitive international markets, in addition to providing mortgage financing to foreign customers through specialised banks.
Ahmed Shalaby ,managing director and board member at Tatweer Misr, said that new and innovative mechanisms should be considered to support the private sector to export real estate. He also added that “granting residency in return for purchasing property in Egypt is the first step.”
Amr El-Kady, CEO of City Edge Developments, emphasised the importance of establishing a state body to boost property exports, which would be responsible for solving all the challenges facing this department.
Waleed Mokhtar, CEO of Iwan Developments, said that foreign investment funds are looking at the Egyptian experience in the real estate market before conducting business in Egypt, which requires great effort in that sector.
Mohamed Banany, vice president of Coldwell Banker and Coldwell Banker New Homes, highlighted that real estate marketing is the responsibility of specialised real estate marketing agents and companies, not the developers.