2022 will be remarkable for the real estate industry, Ahmed Mansour

2021, according to Chief Executive at Castle Development Eng. Ahmed Taha Mansour, was a successful and remarkable year for Egypt’s real estate industry which encountered throughout the past four years multiple challenges, inclusive of the flotation of exchange rates in 2016, rising interest rates and inflation rates, and lastly coronavirus pandemic.

In a televised interview, Mansour added that 2021 was stable and developers saw their sales going up, indicative of the market’s dire need for properties. Additionally, the industry fared well in terms of stocks performance of developers enlisted in the Egyptian Stock Exchange whose sales reached record highs and scored a rise in profits.

Eng. Ahmed Mansour expects 2022 to be far more successful and distinguished than last year, noting that developers maintain bullish outlook for the year and are poised to disclose new deals and expansions.  

As regards efforts exerted to regulate the real estate market, Eng. Ahmed Mansour said the developers want primarily to determine parameters necessary for regulating the market.

“Regulating the market has become a must in light of the surging volume of opportunities becoming available and the growing number of working companies, in order to protect rights of customers and incentivize companies with serious expansion plans.”

So far, parameters have not yet been specified, but suggestions that have been floated are reasonable, particularly those related to subdividing projects into categories as per the scale of the business and size of land. Volume of constructions that have to be carried out before putting up the projects for sale can be consequently identified, he elaborated.

The parameters, meant to regulate the market, will have positive impact on the market and companies, he explained.