Diaa El-Din Farag: The high cost of implementation and interest are challenges that real estate companies are currently facing


Diaa El-Din Farag, Chairman of the Board of Directors of Hometown Real Estate Development Company, confirmed that the real estate market is facing a number of challenges during the current period, but it is able to face them depending on the strength of real demand and government support for the market. real estate, in addition to the resilience of real estate companies in facing challenges. These challenges facing the real estate market during the current period include the rise in the value of the dollar against the pound amid the import of a large part of the raw materials used in the implementation of projects from abroad, which leads to an increase in the cost of implementation and, consequently, an increase in prices.
He pointed out that the persistence of a gap between selling prices and the purchasing power of customers affects market sales, and real estate financing is the main mechanism that contributes to reducing this gap, which requires more From revitalization and lowering the interest rate to facilitate the financing of more clients in the real estate market, mod Now, the rise in interest rates is another challenge facing real estate finance and real estate companies.
He continued that the tendency to export real estate abroad is an opportunity Strong to increase the state’s income from hard currency, while stimulating the sales of real estate companies, in addition to introducing the development of the Egyptian real estate product in light of the comprehensive urban renaissance that Egypt is currently implementing, indicating that the government and the private sector are making strong efforts in this file.
He said that the facilitations provided by the government recently to support the real estate market contributed strongly to strengthening the strength of the real estate market, and confirms the state’s interest in this promising sector that contributes It is about % of the gross domestic product, and it also provides millions of job opportunities, pointing out that real estate companies are working at full capacity to continue their work despite the size of Challenges.2023