Arab Finance: Real estate prices in Egypt are expected to remain steady in the coming period, Chairman of the Export Council for Building Materials, Refractory, and Metallurgy Industries (ECBM) Walid Gamal Eldin said in an exclusive statement to Arab Finance.

This is mainly due to the weak purchasing power of consumers, which ultimately resulted in sluggish sales in the real estate market due to the significant price hikes over the past period, which impacted the sales trajectory, Gamal Eldin explained.

In addition, Gamal Eldin anticipates Egypt’s exports of building materials this year to reach $10 billion, up by around $1.2 billion from last year’s exports of $8.8 billion.

“We are currently focusing strongly on the Gulf and European markets,” Gamal Eldin stated when asked about the targeted exporting markets.

He added that the country will also target West African countries in the coming period, such as Ghana and Nigeria, where exporting Egyptian building materials has a great potential.

Marketing Efforts Amid Price Stability

The stability of prices in the local real estate market will ramp up marketing efforts in the coming period, real estate expert Walid Soliman told Arab Finance.

Soliman pointed out that real estate companies are currently offering deals that do not involve lowering prices, but rather offer other benefits in terms of payment, installments, and payment periods to promote real estate sales during this period.

In a recent meeting held by Prime Minister Mostafa Madbouly and members of ECBM, Madbouly asked to meet with heads of various export councils, each separately, to boost exports in the coming period.

He explained that these meetings aim to identify the export councils’ visions and suggestions in this regard, as well as to set clear goals that each council should strive to reach.

During that meeting, Minister of Trade and Industry Ahmed Samir revealed that Egypt’s exports of building materials rose by around 28% year on year (YoY) in 2023, adding that there is still untapped potential in the industry.

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