Arabtec project will increase competition in real estate market

Real estate companies believe that the Arabtec project (for one million housing units) will increase and promote competition between companies, while some companies believe that the project will harm their business and affect their sales.

Once the one million housing units project is implemented, the prices of housing units will increase due to the increase in labour wages and construction materials’ prices, according to Ahmed Mohamed, sales officer of El-’akareya for Development and Investment.

Mohamed said that the government announced that the prices of construction materials will rise by 30%, and he linked this increase to the preparation for the project’s implementation. This increase in the prices of construction materials will lead to increasing the prices of housing units by 30%.

He added that this project has a major advantage over other real estate companies, as it is represented in collaboration with the Ministry of Housing.

Real estate companies must develop alternative and new marketing plans to address developments in the market, as represented by the Arabtec project.