Go Khozam Developments announced complete about 70% of construction work of Go Heliopolis project in Nozha Street, Heliopolis, east Cairo according to specified timetables. The first handovers of the project to start next year.
Go Khozam Developments Chairman Nader Khozam said that Go Heliopolis project includes 1,000 housing units, added that the project is being marketed and developed in two phases.
Khozam noted that 80% of the project units have been sold out, and it is planned to start offering commercial spaces within the project as of next January.
He stressed that accelerating construction rates is the best solution for all companies during the recent period in order to maintain their credibility and commitment to delivery dates with the expansion of the real estate market. With the global inflationary wave, the need for speeding up construction works of sold units is increasing with expectations of a high construction cost.
He expected price increases ranging between 10 and 15% in real estate market in the coming period, accordingly, the current time is the best ever to buy property before facing new price increases.
The company’s chairman pointed out that these price hikes push real estate companies to be flexible in spaces of offered units as well as payment systems to maintain boosting sales in real estate market.
Even with the expectations of price spikes, real estate market continues to sell due to its dependence on real demand, he elaborated, added, “Real estate is a fundamental commodity for any citizen. Moreover, initiatives provided by the state to support citizens’ purchasing power, the latest of which was the initiative of the Central Bank of Egypt for mortgage finance at an interest rate of 3%, contribute to revitalizing sales.”
