مطالبة الملكية الجزئية في مدينة نصر تتجاوز التوقعات

The managing director of Nasr City Housing and Development Company, Abdullah Salam, said the demand for real estate in Egypt will remain strong despite the economic challenges the country faces.

Salaam added, in an interview with Al-Arabiya, that the year 2022 saw many economic challenges facing the real estate sector in Egypt, plus other Madinet Nasr-related challenges for housing and development.

Stressed that the real estate sector in Egypt remains a safe haven for the investor and the Egyptian citizen in times of economic challenges to preserve the value of money and develop it from inflation.

Revealed that the listed real estate companies in stock exchange performed better than last year.

Salam said that Madinet Nasr Housing has witnessed a great development over the past year with the takeover of the company, the introduction of new projects and the introduction of marketing innovations in the product offering.

He pointed out that these changes helped to achieve profits and sales record unprecedented, and these were actual sales of the product itself because all the price increases occurred in the fourth quarter of 2022, so it didn’t have a significant impact on the sales value.

Salam explained that most of the production inputs for real estate in Egypt is produced locally, such as cement and iron, as well as most of the real estate in Egypt is delivered semi-finished, emphasizing that finishing operations may include imported inputs that are valued in dollars and cause a large increase which is directly reflected in the economy. The price of property.

He said the company tended to raise prices to keep up with high costs, but has provided payment facilities for up to 10 years, which reduces the cost of financing and eases the cost problem.

Salam added that the company has introduced an innovative method, which is partial ownership of the property, in order to facilitate the ability to own the property.

He revealed that “more than 70% of the company’s real estate demand comes from Egyptian citizens, while the remaining part (30%) of the demand goes to Egyptians residing abroad who receive in hard currency, in so that real estate becomes easier for them to acquire, along with the Gulf or foreign investor looking for an investment opportunity with good growth that is not available in the markets in which he resides.

As for the new method of buying property to overcome selling difficulties in light of high inflation rates, which is part-ownership of the property with the purchase of a number of meters, Salam said that the demand for this method exceeded expectations, in given the strong demand for the purchase of the property.

He said this idea already exists in a large number of countries in all over the world, and this follows the wave of the real sharing revolution economyemphasizing that most investors can buy part of a property to benefit from the yield.

Madinat Nasr Housing and Development’s annual profits increased by 164% last year to £747 million.

The company attributed the increase in profits to a 140% increase in sales to £5.330 billion.

The company’s board has decided to increase its issued and paid-in capital by £35 million to £2.135 billion, explaining that the funding will come from profits for the year ended last December.