Egypt enjoys a competitive edge in property exporting, MBG chairperson
Despite the competitive edge it enjoys in property exporting, Egypt seizes the meagre 2% stake outof EGP2tr volume constituting the bulk of global property exports, according to chairperson of MBG Development Dr. Mahmoud El Adl.
Among Egypt's salient advantages are the remarkable geographic location, warm weather all year round, nationwide construction boom witnessing the creation of 24 new cities across the country, together with the eradication of shanty towns and the renovation of historical Cairo, rendering properties as highly varied as never before.
In a speech delivered at the round-table conference of Think Commercial, Al Adl said that the New Administrative Capital is well-qualified to turn Egypt into a destination for property exporting, owing to its first-class technology and tremendous progress in the first-phase execution rates encompassing an area of 40,000 acres, corresponding to half space of Cairo City, in the span of five years.
" This is an engineering miracle," said he, underscoring the importance of exporting properties to rev up sales and uplift the country's foreign reserves.
" It's necessary to resolve obstacles hindering property exporting, namely real estate registration, the availability of data about real estate market and foreign clients as well as the promotion of new urban communities in nearby markets," he explained.
In the meantime, developers ought to be supplied with a real estate that is compatable with culture and needs of the foreign customers in terms of space, engineering designs and available services, he elaborated.
