The participants in the 9th Arab funding forum, organized by Euromoney Institution, discussed the problems of the real estate market in Egypt.
They first claimed that this market needs to be stimulated to increase the value of investissements.
Hussein Sabour, CEO of the Company "al-Ahly for Real Estate Development", stressed the importance of the Egyptian real estate market's volume. "This market is characterized by strong demand and the diversity of categories of buyers. For this, we need to encourage investment in this important sector for economic development", he said.
Sabour added that it was necessary for real estate finance companies, recently established, to work for providing housing for persons with limited income.
For his part, Mohammed Nosseir, CEO of the group "Alkan", said that egyptian real estate market suffers from a lack of expertise in marketing, plus a decrease in available units. However, Nosseir highlights that Egypt has managed to obtain some success in these areas, which confirms that the market is on the right way.
Nosseir considers necessary to find a way to help real estate companies to cover the cost of units that they build.
Montasser Mohammed, director of the "Egyptian Experience Ltd", said that Egypt has a great opportunity in the marketing of real estate for tourism. "The British spend about 10 billion pounds each year to buy homes in the seaside resorts in Spain and France", he said. According to him these British could invest in Egypt thanks to its pleasant climate throughout the year, in addition to the much lower price of units compared to resorts in Europe.
For Amereller Florian, Vice President of the Arab-German Chamber for Industry and Commerce, despite the competition that Egypt faces in the housing market from Dubai, Bahrain, Qatar and Oman, the climate is much better than those competitors. "The problem in Egypt is the slowness of administrative procedures that may take six months to one year, besides the poor quality of services and facilities offered, for example, the translation of contracts written in English is poor and unclear", he concluded.