Green Square Compound to receive first dwellers mid-2020

Mostaqbal City’s Green Square Compound is set to receive first dwellers mid-2020, whereas first residents will come to Lavenir Compound late 2020, according to Chief Executive of Al-Ahly Sabbour Developments Eng. Ahmed Sabbour.

“ Al-Ahly Sabbour Developments’ existing land portfolio, amounting to 5 million square meters, will be fully developed in the span of 6 years,” said he.

The company is interested in getting lands in the 4th generation cities, such as, New Al-almein City and the New Administrative Capital City. “ The latter is preparing studies and partnership models, due to be submitted this year with the Administrative Capital Company for Urban Development, for developing 200 feddans.”

“ Al-Ahly Sabbour Developments managed to develop up to 15 million sqm across the country,” said he.

With its real estate exports constituting a meagre 3% of total sales of residential units annually, Al-Ahly Sabour Developments was keen to drive that stake up to 15% this year, he clarified.

The prime minister, Minister of Housing and the Real Estate Exporting Council are keenly interested in shoring up that stake.

The governmental goal of supporting real estate exports could be accomplished by going to local and international exhibitions and passing the regulatory measures helping to allure foreign investments, he explained.

“ Prices of properties will soar by 10% this year. This is the natural trajectory for real estate prices, as the previously recorded hikes of 25 and 30% are outlandish.”

Egyptian real estate market, always robust with demand exceeding supply even in the severest world economic crises, never tumbled head over heels in any downturn, he affirmed.