Naguib Sawiris: There is no real recession in Egypt. The volume of supply is only 1% of demand
Businessman Naguib Sawiris plans to expand his real estate investment through his company Ora Real Estate Investment. The first of these steps is the launch of ZED Towers, a multi-use project located in the heart of Sheikh Zayed City with investments of LE35 billion, In addition to the development of Sheikh Zayed Central Park.
As for the real estate sector in spite of the recession, Naguib Sawiris sees no real estate stagnation in Egypt. "There is no real estate stagnation in Egypt," said Naguib Sawiris. "My company conducted a study when entering the real estate sectors. % Of the volume of demand, "referring to the reasons for the slowdown in the past period to changes associated with seasonal periods and the general mood, but there is no real estate stagnation.
The real estate market witnessed during the last period a significant decline in the movement of buying and selling, which was attributed by specialists in the field but the continued rise in construction costs of land and building materials, and the increase in the supply of luxury units and the decline in the purchasing power of a large number of citizens, Provide great facilities to attract customers.
"There is a view that some prefer traditional architecture and others prefer modern architecture," Sawiris said of the attack on his project in the Sheikh Zayed area. "The most sought after is mixing the two types, which is happening in all countries of the world." His company did not develop the design, but it was the state that developed those data and licenses. We entered as a real estate developer to implement the project, so we have no freedom to change the concept of the project.
He continued: "The people of Sheikh Zayed ruled the project without seeing it, and this project will include the largest green area in any real estate project was implemented in the center of the city."
The announcement by Naguib Sawiris about the construction of 30 residential towers with 20-storey towers in the center of Sheikh Zayed City has angered residents of the city who considered the project to transform their quiet city into a dense and densely populated part of the city. Her head is water.
Sawiris added that his company will transform the central park of Sheikh Zayed to match the world's largest parks such as Hyde Park in London, praising the government's efforts in implementing the park. "Some people have denounced my company and accused us of getting the park, but it is open to the public and everything we will do. We will develop it and we will provide playgrounds for children and football fields and we will organize parties to become a breather for the whole population. "
"The attack is always there," he said.
Naguib Sawiris, the people of Sheikh Zayed, assured them: "Wait for the establishment of the park and the project and then you will be wise. You will have the largest green area in Egypt."
As for his aspirations for real estate investment during the coming period, Sawiris revealed his company's intention to invest in the northern coast and the New Cairo area, expressing optimism about the real estate sector in Egypt during the coming period.
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[t tags] Economy
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