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Sherif Heliw, President of Marseilia Group: 2020 is an exceptional year for real estate development companies

Maintaining implementation rates, stable payment of installments, and reluctance to purchase were the main challenges


At the beginning of 2020, the Egyptian economy witnessed a new challenge due to the spread of the first wave of the emerging corona virus, which was followed by a state of rest and anticipation in the real estate market due to the state of fear and panic that afflicted citizens and affected the nature of the purchasing behavior of customers, and this consequently placed many challenges on companies' shoulders Real estate development in Egypt.

In this context, Sherif Heliw, Chairman of the Marseilia Real Estate Group, said: “2020 was an exceptional year for the group and for all Egyptian real estate development companies. We faced a number of challenges, perhaps the most prominent of which is maintaining the implementation rates in ongoing projects in light of the precautionary measures and reducing employment in construction sites by half. In addition to the instability of financial payments to owners, which affected the rates of collecting installments from customers relatively, in addition to the fluctuation of customers in making the purchase decision, fearing the continuation of the Corona pandemic and its economic consequences, causing them to be unable to pay and refrain from investing their financial surpluses in the real estate.

Helio added that the Marseille Group has succeeded, thanks to its experience and the efficiency of its human cadres, in achieving the difficult equation between adherence to the precautionary measures at construction sites, and at the same time achieving the implementation rates within the specified dates. As a result, the group succeeded in delivering more than 750 chalets and villas in the second phase of the Its flagship project Marseilia Beach 4 - Sidi Abdel Rahman, with the third phase of the project to be delivered during the current year.

Helio also referred to the repercussions of the Corona virus pandemic on the real estate sector, as the Corona crisis affected all engines of the Egyptian and global economy, and led - albeit slightly - to a decline in demand for real estate, especially in the second quarter of this year, which witnessed the height of the first wave of Corona virus, pointing out that despite the crisis, the real estate has been pledged again that it will remain the safest saving base with various challenges and crises, especially after other saving vessels such as gold markets have been subjected to frequent price fluctuations in addition to the frequent and large decline in interest rates on investment certificates in banks.

Hiliu expressed his optimism about the future of the real estate market during 2021, expecting that it will witness a recovery with the decline of the pandemic or its control at the very least, with the availability of a vaccine for the Corona virus and the easing of restrictions and repercussions of the global closure, noting that this year will witness some of the consequences, but they are the lightest on The real estate market for several reasons, the most important of which is that real estate development companies have become more prepared to face the second wave of the virus in terms of their readiness by means of remote work and the intensification of their presence with their customers on an ongoing basis "online", and I expect the Egyptian economy to fully regain its strength by 2022.

Hilo indicated that there are several indicators that suggest optimism and draw features of an upcoming real estate boom, most notably the resumption of construction work in a 6-month transitional phase with the issuance of new building requirements, which will clarify the features of construction in Egypt in addition to the Egyptian government's insistence on providing radical solutions that serve The developer, the investor, the citizen and the economy, including the real estate financing facilities and the intensification of infrastructure works and the structure of roads and facilities for new cities.

Helio praised the performance of the Egyptian government in providing all the motivational factors that would make national projects a success. For example, the Egyptian government has devoted all means and capabilities to attract all investments of various kinds, especially the real estate sector of the Administrative Capital, in recognition of the role of vital and service centers in achieving In order to promote sales of real estate projects in the Administrative Capital, in addition to the expected transfer of various government entities to the Administrative Capital, starting from March 2021, to start their work from next June.

Regarding his expectations for real estate prices in 2021, the Chairman of the Marseilia Group of Real Estate Companies expected that the prices will remain coherent at the very least, and I also expect an increase in the Egyptian real estate price between 15-20% by the end of the first quarter of the year with the high rates of demand.

It is worth noting that the Marseilia Group - one of the largest real estate development companies - has been working in the Egyptian real estate market for more than 20 years, during which it developed 20 residential, tourism, commercial and entertainment projects. The group is currently working on a period of various projects in the Administrative Capital, Golden Yard and Alexandria. Life of Marseille, and the northern coast "Cascadia", in addition to the third and final phase of the Marseille Beach 4 project.

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