The real estate sector is witnessing many mergers and alliances during the coming period, especially after the state announced the decision not to offer real estate projects for sale until after implementing 30% of the project, which leads to the exit of companies that do not have experience in the real estate market, said Dr. Abdel Hamid Al-Wazir, head of Arabesque Real Estate Development and head of the Support and Follow-up Committee of the New Cairo Developers Association.
Chairman of Arabesque Real Estate Development added that many real estate companies had broken into the real estate sector without any experience. He explained that the sector had seen many outsiders, which had harmed the real estate market, and that the sector was undergoing more order and discipline during the coming period.
The real estate sector was the main beneficiary of that decision, as it allowed banks to expand funding for real estate projects, provided that the project was implemented by 30%, so that real estate sales boomed and the sector was experiencing a major recovery.
He pointed out that the first stage of activating this decision will be tantamount to breaking bones, explaining that there are many companies that depend in carrying out their projects on sales, noting that it is the companies that continue in the market that possess the experience.
He added that the New Cairo Developers Association is meeting in the coming days to develop proposed solutions for real estate companies in the real estate market of the implications of this decision, stressing that the Association is offering these solutions to the concerned parties for possible application.
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