New Avenue Booming With EGP 1.71 Billion Worth Of Deals

Business Real Estate

New Avenue Real Estate is a real estate marketing firm located in Egypt. It has recently closed an exclusive deal in the real estate market regarding Alstom Egypt’s need for a new administrative headquarters. Alstom Egypt is known to be a big company that specializes in projects regarding the transport of energy.

Their new administrative headquarters is located within the Cairo Festival City with a land area of 3,500 square meters. It is in Fifth Settlement and the rental costs is said to be at EGP 55 million in a five year contract.

According to the chairperson of New Avenue, Ahmed El-Dessouky, transactions such as the one they recently made is a proof that the demand real estate services catered for big international firms is rising once more. This is true especially in the case of administrative buildings. The decline in demand was due to the state of politics and security in last few years leading to companies’ reluctance in leasing headquarters or office buildings under the Egyptian real estate market.

El-Dessouky also said that the firm was able to make a lease deal for Alstom Egypt and they now have a new administrative headquarter which is under a five-year contract worth 1 million every year in Egypt pound.

In the last year, investors together with company owners were more flexible in terms of decreasing the price of the lease based on every square meter for administrative properties. This is to help in the recession and to encourage more investments.

He also shared that in terms of continuing the said policies, the demand for real estate used by offices will returns to its previous rates in 2010. This is in an attempt to help in the recovery of the real estate market.

The company of El-Dessouky has a goal of expanding business as well as contracts with some of the biggest names in real estate development in order to market for their projects which will come out in the next phase. Their company is expecting to have around 100 companies to be marketed such as Palm Hills, Sodic, Emaar, Mountain View and many others. If you are looking for a reliable real estate developer in Australia, send a message to aveling-homes.com.au.