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  • Virtual real estate services see boom amid COVID-19

    Virtual real estate services see boom amid COVID-19

    ArabFinance: The property market in Egypt recently witnessed a rise in demand for tech and virtual services such as augmented reality (AR), virtual reality (VR), and 360° virtual panoramic tours, according to a press release by Invest-Gate.

    The growing demand for virtual options is expected to boost sales during the volatility seen in the market due to the outbreak of COVID-19, as addressed at Invest-Gate’s first virtual roundtable “Smart Real Estate Market amid COVID-19” on May 17th.

    Chairman and CEO of Lotus Management Amr Aboualam highlighted, “The integration of AR and VR in practice can help realtors tell a more compelling visual narrative about what a property can become, hence speed up the closing process and fine-tune the number of clients.”

    He added, “This should also push through the emergence of escrow accounts, blockchain technologies, and other smart real estate solutions.”

    Meanwhile, President and CEO of Tatweer Misr Ahmed Shalaby stressed that digital marketing and virtual sales proved to be essential ingredients for maintaining demand during unstable times, like in the COVID-19 pandemic.

    Local real estate developers launched several online campaigns to boost virtual sales and efficiently market their projects to end-users, Shalaby noted, adding that the deals were executed remotely through bank transfers or cheques.

    Khaled Abbas, deputy housing minister for national projects, said, “For the public sector, Beit Al Watan is an on-ground application of the online reservation and virtual sales concept. After six years of implementation through a trial-error process, the New Urban Communities Authority came up with a fine-tuned system to successfully sell housing units to Egyptians abroad and efficiently run the first-of-its-kind program.”

    Tabarak Developments CEO Ali el Shorbany noted that construction materials in Egypt demonstrated the greatest level of resilience during the COVID-19 crisis, with no absolute changes in value.

    He expected real estate prices to remain stable in the short term, despite the change in demand.

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