B2B Real Estate hosted a panel discussion that explored the market trends in 2023, the outlook for the current year, and the potential investment opportunities in Egypt and Oman.
Abdallah Sallam, President and CEO of Madinet Masr, said that the real estate market faced one of the biggest challenges in terms of high construction costs, volatile prices of building materials, and expensive constructions, which posed a hurdle for development companies.
Sallam suggested that the best way to cope with price fluctuations was to speed up the construction work on projects as soon as they were launched, to prevent any financial losses due to price changes.
Sherif Seif El Nasr, Marketing and Sales Consultant of Tatweer Misr, said that the demand for properties was always strong, even amid economic difficulties.
Seif El Nasr added: “In times of crisis, real estate is the safest investment that protects citizens’ savings, so demand increases and anyone who has a real estate investment is always secure.”
Hazza Al Saadi, Founding Board Member and Chairman of WUJHA Real Estate, stated that the Omani market was very promising and resembled the situation that the Egyptian and Dubai markets experienced 15 years ago.
Al Saadi noted: “We have a market full of opportunities and potential, and with the changes to the residency law in the Sultanate, clients can obtain residency if they own a residential or commercial unit while maintaining the value of the unit in dollars.”
He highlighted that despite the economic challenges that the real estate market faced, it would continue to thrive in 2024, as it was a promising market based on real and sustainable demand.
Nehad Adel, Chairperson of B2B for Investment, revealed that the company was currently pursuing its expansion plans outside the Egyptian market, and aiming to establish partnerships with major real estate development companies in the Gulf markets.
He pointed out: “We are working to attract more Arab and Gulf investments to invest in Egypt and contribute to developing real estate projects in the Egyptian market. At the same time, the company is also looking for good investment opportunities for Egyptian real estate developers, taking advantage of the investment and real estate boom in the Gulf countries.”
