Rooya Group to inject EGP1.5bn this year in the Egyptian market

Eng. Hisham Shoukri, chairman of Rooya Group, said that the leading real estate company has expanison plansin the Egyptian market and is set to inject EGP1.5bn investments this year and EGP10bn through 2025.

“ Return on investmentin Rooya Group’s projects is more than 30% owing to rising demand for properties in the Egyptian market. Also, Rooya’s projects are diversified and excell at catering to clients’ needs and providing integrated services,” said he to Osoul Misr Magazine.

Egypt’s return on investment is the highest worldwide, he said. “ Set against 3-6% in Arab countries per year, property valuations in Egypt jump by 30-40% per year. Additionally, rentals surge by 13-14%.”

Rooya Group plans to mark its 11th participation in MIPIM, the international property event hosted in Cannes, France each March.

“ Rooya Group is promoting a plethora of property projects in MIPIM, such as the Fifth Settlement’s Stone Street, a commercial, administrative and entertainment complex on 200,000m2. The project is comprised of a 5-star hotel, medical centers and hotel apartments.”

Citing challenges facing the company, Shoukri said that most residential units are unregistered.

“ Housing units, part of the company’s projects in New Cairo and the 6th of October City, have been finished and delivered since 2000 but remain unregistered owing to red tape and outdated laws.”

Housing units are not allowed to be registered in the New Urban Communities before registering the land,which is hinged upon having the developer pay all dues as well as reach a 100% completion of the project.

Reaching the 100% completion may not be reached for very simple reasons, making the registration of the land, and the housing units in turn, a tedious and draconian process, he maintained.

Foreign clients refuse to buy unregistered housing units in Egypt, hampering the country’s ambitions for ramping up property exports.

“ Foreign clients prefer the fully finished housing units that are equipped with hotel services and managers. This kind of product is made available only in the Red Sea projects. Therefore, it is necessary to furnish the Egyptian properties superbly so as to make them cater to needs of foreign clients.”