Cairo, Egypt - 6th December 2010. Lafarge, the world leader in building materials with top ranking positions in all of its businesses: Cement, Aggregate and Concrete and Gypsum, discussed today its views on the real estate market trends in Egypt, during the GTM/CI Capital Real Estate Egypt Conference II, which took place at the Four Seasons Nile Plaza Hotel.
Attended by more than 120 senior executives representing the key real estate businesses, Lafarge provided new insights for the real estate market trends in Egypt.
Speaking at the conference, Matthew Dove, Director of Marketing, East Africa, Lafarge Aggregate and Concrete, explained that the real estate market in Egypt has witnessed a leap in its residential, office, retail and touristic projects over the past few years. This is the result of the Government's successful investment program which has attracted global and regional investors to contribute to this hike in real estate market.. With development over the past few years being focused on the luxurious residential market, the sector is now approaching saturation and huge opportunities are arising to service the increasing middle income market, according to latest study by Jones Lang Lasalle (JLL).
Lafarge also highlighted that demand for new affordable housing will rise. This type of investment, will be also addressing needs of medium to lower incomes. The key success factor for such trend is the constructive collaboration and integration of public and private sectors in facing the housing challenge.
For the office segment, with the limited supply of grade A office space, existing buildings are currently running on full occupancy, JLL study expects the situation to ease by 2013, when the majority of office space will have been completed.
"Egypt is an attractive and dynamic market, it offers a world of opportunities for developers to design a wide range of projects that would cater for the needs of Egypt's diversified segments. We see this as a call of actions for all investor and developers they need to make sure that their investment plans are perfectly matching the end user demand", said Matthew Dove.
As the largest and best geographically distributed Aggregate and Ready Mix Concrete producer in Egypt, Lafarge Egypt, has been supporting the growth and development initiatives in Egypt such as Cairo Metro, Cairo Festival, Palm Hills Development, Qatar Dyar in addition to different commercial projects and power plants.
"Innovation is one of our top priorities at Lafarge, the improvement of concrete performance, increasing speed of construction, and beautifying architecture with concrete are just a few of our priorities", concluded Dove.
With more than 2,500 employees working for Lafarge Egypt, the company prides itself for its efforts on people development, safety, innovation, and supporting local communities.