Media Center

Eng.Bashir Mostafa: The state’s Procedures to contain the Corona crisis during 2020 have achieved balance for the market

Eng.Bashir Mostafa: The state’s Procedures to contain the Corona crisis during 2020 have achieved balance for the market

Eng. Bashir Mostafa, a member of the Construction and Building Committee of the Businessmen Association and CEO of First Group, confirmed that 2020 has witnessed since its inception a state of anticipation and anxiety as a result of the outbreak of the Coronavirus, but it also witnessed many advantages and economic measures that contributed mainly to containing the negative economic effects. Including the reduction of bank interest on deposits and credit facilities, the postponement of bank installments for a period of 6 months, and the withdrawal of a number of non-serious companies from the real estate sector due to their inability to withstand the pressures of the pandemic’s crisis.

He also indicated during a television interview for “Location” talk show broadcast on Al-Nahar channel with the journalist Rania Al-Shamy that all the previous measures taken by the state

Led to reassurance to the market that really helped in containing the crisis since its inception, calling on the state to help the real estate sector and quickly issue the real estate developers law as it has such a  supportive and direct impact on purifying and controlling the market and also protecting serious companies and customers from the market penetration of unqualified and unserious companies.

Regarding the controls of real estate developers’ participation with the state in their initiative to participate in social housing, Eng. Bashir Mostafa confirmed that they,- as developers -, fully agree and welcome this initiative to develop a social housing project in exchange for a plot of land obtained by the developer according to an agreed-upon percentage. The plot of land obtained by the developer must be in a place other than the one designated for social housing because each housing has its own aspect in terms of designs, facades, many other features, and building spaces that increase the total cost of the unit compared to social housing, which satisfies all parties participating in this initiative.

Eng. Bashir Mostafa talks about the tower system in the new cities

When asked about the emergence of high-rise residential towers in a number of new cities as a real estate product different from the nature of the Egyptian client, Mustafa believes that the presence of such towers in the city center is a strong and distinctive sign for it and is present in all countries of the world.

The presence of towers is now important as a distinctive sign for the city, pointing out that The state’s recent interest in constructing new cities such as the Administrative Capital and New Alamein and the establishment of iconic towers in these cities as a symbol of a new urban thought is a very impressive thing, stressing that the Administrative Capital will be one of the most powerful smart cities in the world, especially after the government moved to it during the new year, and it will be an outlet for the old capital, praising the size of the achievement And the existing development in Downtown, Maspero and some areas of Old Cairo, which will be an honorable destination for modern Egypt.

He finally pointed out that the real estate market needs to pay attention to fully finished hotel units and to deepen the idea of ​​delivering fully finished residential projects to preserve the real estate value of the project as a whole, hoping that the state will take more successful steps in the file of exporting real estate and promoting the Egyptian real estate in all Egyptian consulates in the countries of the world. The impressive urban development that is happening in Egypt now and the intensification of the media role to activate the export of real estate more, pointing out that the opening of the fourth-generation cities in Egypt during the year 2021 is conside