Aqar Group for Real Estate targets achieving EGP 300m in sales in 2018 for 25 real estate developers, according to CEO Mahmoud El Gendy.
El Gendy said that the company has been operating in Egypt’s real estate market for 13 years and works with major developers such as Misr Italia Properties, Maxim Holding, and Arabia Holding.
El Gendy noted that the company depends on its contracts with companies that have deep experience and good reputations, as well as financial solvency and those that deliver projects at their specified times.
He added that the company is currently marketing two tourism projects in the North Coast and is expected to contract on marketing another tourism project in the North Coast in the coming period.
He explained that his company aims to expand abroad through the opening of new branches in some Arab countries to reach the largest number of Egyptians expatriates that have the financial solvency and desire to invest in real estate, especially in the Arabian Gulf countries such as the UAE, Bahrain, Saudi Arabia, and Oman.
He pointed out that the company’s sales in those countries exceed 30% of the value of its sales in general, noting that the company also aims to expand domestically through the opening of four new branches in Greater Cairo and the North Coast.
On customer trends during the current period, El Gendy explained that the cities west of Cairo, especially Sixth of October and Sheikh Zayed, are witnessing great demand from customers, in addition to Mostakbal City and the New Administrative Capital, which will be key real estate investment areas in the coming period.
He predicted that real estate prices will increase during the second half of this year by up to 25%, as a result of the high prices of building materials, which reached record highs during the current period, stressing that despite the high prices, the real estate market is still a safe haven for investment at the moment, especially after the direction of banks to lower interest rates, which drives the owners of surplus finance to buy property for investment.