5th Edition Of Cityscape Egypt Concludes Successfully Marked By Minister's Visit
Cairo, Egypt, 10 April 2016: Confidence towards the real estate industry was at an all-time high, as the curtain closed on the 5th edition of Cityscape Egypt today.
"Cityscape Egypt 2016 provides a genuine insight to explore the growth in the real estate industry activities. This year, the exhibition has welcomed a large number of visitors backed by strong and solid customer demand. The real estate sector plays a vital role in driving growth for Egypt's macroeconomics over the next ten years. The increasing volume of real estate projects will contribute to meet the growing demand for homes," announced H.E. Dr. Mostafa Madbouly Minister of Housing, Utilities and Urban Development.
The Exhibition wrapped up its successful four-day run at the Cairo International Convention Centre, following a compelling two-day Conference that addressed opportunities, urbanisation and challenges in Egypt’s real estate.
‘’The successful running of this year’s Cityscape Egypt reveals the dedication of the Government, exhibitors and speakers to advance the industry in the country. This dedication to the industry is made possible due to the steadfast demand from the country’s escalating population for attractive real estate offerings – a demand witnessed during the 5th edition of Cityscape Egypt as we recorded the busiest ever day in the history of the event on Friday” said Tom Rhodes, Cityscape Egypt Event Director.
“As Government regulations boost confidence in the market, we will continue to see investors target Egypt in its realisation of the country’s immense potential, supported by improved economic growth and swelling consumer appetite.”
Launched during Cityscape Egypt, Colliers’ report on the Cairo real estate market has revealed that real estate remains resilient as an investment.
“The overall real estate landscape in Cairo continues to adapt and evolve. Developers are driven to build functional, efficient and price sensitive products that target a young, more educated demographic,” stated the report.
As for the outlook, Colliers maintains that the recent devaluation makes real estate investment a more attractive hedge against inflation for high income households, and has improved the purchasing power of foreign investors and Egyptians earning foreign income.
“The market is becoming more mature with an educated customer base seeking a live, work and play environment. Incorporating social infrastructure such as education and healthcare facilities are important as well. Cairo’s population is increasing at 2% annually while housing supply is growing at 1%. In an already undersupplied market, demand for housing units continues to rise,” concluded Colliers.
With over 90 exhibitorsand over 15,000 square metres of exhibition space, Cityscape Egypt acted as the catalyst for the unveiling dozens ofnew projects across the property spectrum from some of the country’s leading developers. With the growing need for housing outweighing the current supply in the Egyptian real estate market, manyexhibitors at this year’s exhibition have launched new projects.
“Cityscape Egypt 2016 provides unparalleled opportunities for real estate developers and home buyers. It is the industry's premier event, where key market players gather each year to showcase their projects. Cityscape - Egypt supports customers in the purchase decision. It offers access to all real estate projects launched during the year; it is a good opportunity to capitalize on the promotions and offers provided by companies during the exhibition period.” Hisham Shoukry, Chief Executive Officer, Rooya Group, said.
“Rooya Group showcases a variety of projects during Cityscape Egypt 2016, on top of which are a new phase of Stone Park Compound in New Cairo accommodating villas, Townhouses, and Twin-houses. Also, the group is also launching the second phase of the "Stone Residence" project, and put it next to the "Plateau October 6", a new project, as well as the sixth phase of Telal Ain Sokhna.” Shoukry added
Meanwhile, Eng. Hussein Sabbour, Chairman of Al Ahly for Real Estate Development, stated that Cityscape Egypt 2016 is a distinguished opportunity for both exhibitors and customers where exhibitors compete to offer the best residential and commercial projects they have.
“The exhibition represents a serious means for supporting customers in taking the purchase decision through presenting a wide range of projects with variable prices according to the project’s site and the areas of targeted housing units.” Sabbour said.
In addition, Mahmoud Samir Fouda, Senior Brand Manager, Porto Group, said: ‘This year our sales increased especially our new hero project – Porto Pyramids.’
Moreover, one of Cityscape Egypt Exhibition’s visitors said there are a large number of exhibitors this year showcasing outstanding real estate projects. It is the exhibition he always keen to attend every year to explore the latest offerings presented by prominent real estate developers in the country. The visitor also asserted that he is keen this year to buy a home; therefore he plans to explore the new projects of both EmaarMisr and Sodic.
Meanwhile, another visitor, a Saudi national, said the exhibition is characterised as being well-organised offering a great purchasing opportunities for its clients. She also said that this was the first time to visit the exhibition in Egypt. She even managed to sign a contract for one of Memaar Al Morshedy’s residential units. “The exhibition showcases outstanding projects located in optimal locations in the country.” She added.