Opening of GEM will increase real estate demand, sales in west Cairo: SODIC
Date
3/19/2019 9:45:08 AM
(MENAFN- Daily News Egypt) The west side of Cairo is expected to witness an increase in the Real estate demand and sales in 2020 following the opening of the Grand Egyptian Museum )GEM), Managing Director of the Sixth of October for Development and investment Company (SODIC), Magued Sherif, said during his speech at the fifth real estate summit which was organised by the American Chamber of Commerce in Egypt (AmCham Egypt) on Monday, entitled 'Scaling up: Egypt's Real Estate Industry.'
The presence of Cairo Airport in the east side of Cairo, as well as many businesses there, has encouraged more activities and sales, he noted, adding that the government has increased its engagement in the sector over the last couple of years.
The real estate sector is a vital sector of the economy, he affirmed, noting that the government exerts substantial effort to position Egypt's real estate sector on the international map.
In emerging markets such as in India, China, and the UAE, the average contribution of the real estate sector to the GDP is about 6%, or 6.5%, while in the US it is about 7% to the GDP, Sherif stated.
Furthermore, SODIC's managing director declared that real estate companies listing in the Egyptian Exchange represents a good opportunity for the companies to develop themselves and deposit new investments.
Infrastructure projects are essential for the country and are aligned with the country's economic reform programme in order to achieve sustainable growth. However, the devaluation of the Egyptian pound was a significant challenge for the sector, he acknowledged.
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