Real Estate Expert: Coronavirus is a Challenge and Everyone Must Defeat It

Hossam Younis, the real estate expert and chairman of the House Solutions Egypt, said that the passage of peoples and governments into crises is very logical and this is natural, but the ways to address them and work to find solutions to them are due to the vigilance of governments and people’s awareness, since the real estate market is one of the economic activities in any country in the world, it is natural that you are affected by any crisis experienced by society, and corona was the crisis that made everyone and governments not think about gains or losses but only think about the art of managing the crisis to get out of it with minimal losses.

Of course, the spread of the coronavirus is a major challenge for all economic sectors in Egypt and the world at large, but it cannot be measured to what extent, and to what extent the various economic sectors, including the real estate sector, will be affected.

The real estate expert expected that this crisis will not last for a long time, stressing that the real estate segment always maintains its value, and does not witness a decrease in prices.

He continued: The measure of the impact on the real estate sector depends on the time it will take the world to eliminate the coronavirus and limit its spread, so that things will return to normal.

However, after some foreigners left Egypt due to the corona crisis, this may lead to a stagnation in the real estate market, as “many apartments for rent in Maadi and villas are the best options to consider mainly inside gated compounds”.

Hossam said that the state represented in the Ministry of Housing and the New Urban Communities Authority relied on real estate marketers to market the Egyptian real estate abroad as an alternative to international real estate exhibitions, after canceling many of them due to the spread of the coronavirus.

He pointed out that most of the countries of the world resorted to postponing or canceling most real estate activities and exhibitions that include large gatherings, fearing the spread of the virus and in order to reduce the chances of its spread, and this of course will positively affect the return of real estate activity as soon as possible and therefore I say that the coronavirus is a challenge for everyone and must we have to defeat him.

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