KHL Real Estate anticipates EGP 2bn in sales for developers by the end of the current year, according to General Manager Mahdi Ragab.
Ragab said Egypt’s real estate market will see a gradual recovery during the second half of this year, with property being an essential commodity.
He noted that KHL Real Estate is currently marketing a large number of real estate projects, taking into account the strong demand present in the local market.
Ragab also anticipates an increase in demand for real estate in fourth-generation cities in the coming period.
He added that there is a commensurately large demand for properties in the New Administrative Capital, with his company marketing many residential and administrative projects in the major national project.
Many companies are offering unprecedented payment systems that present consumers with flexibility and the opportunity to invest in properties. This exceptional set of circumstances is unlikely to be repeated, he noted.
He disclosed that real estate developers have faced the current coronavirus (COVID-19) pandemic with great flexibility. This can be seen in how they have carried on work at their administrative headquarters or continuing work at their project sites.
Their continued work comes despite slightly slower work rates at construction projects, due to the current circumstances, whilst putting in place precautionary measures that preserve the health and safety of all employees.