RE/MAX, the real estate franchise, declared the launch of RE/MAX Corporate, which aims to boost the real estate exports market.
The company also announced plans to increase its sales by 80% in 2019, targeting EGP 6bn.
In its first year, RE/MAX Corporate will aim to achieve 6% of the company’s total sales in 2019 from real estate exports.
In a press conference on Tuesday, representatives from RE/MAX Corporate said that it will work closely with major local developers in order to market their properties externally through the RE/MAX network in over 117 countries around the world.
RE/MAX Corporate also aims to support major investors in their footprint expansions in Egypt through RE/MAX’s local network across six governorates nationwide.
Commenting on the launch of RE/MAX Corporate, Khaled Nasser, the chairperson and regional director of RE/MAX in Egypt and the UAE said, “The devaluation of the Egyptian pound in 2016 was a turning point in luring in foreign investors, given the attractive conversion rates to the local currency, which were reflected in a leap in sales in 2018,” adding, “Hence, we saw an opportunity to tap into this segment to increase our share from this potential market. We initially aim to achieve 6% of our total sales in 2019 from real estate exports.”
Nasser added that the overall global export market is estimated at $2tn, while Egypt’s share does not exceed 2%, pointing out, “It is a promising market and can have a positive impact on Egypt’s income and the overall economy.”
Nasser also highlighted the real estate sector’s challenges, and the importance of changing the culture of real estate brokerage in Egypt in order to achieve greater transparency and professionalism. On the other hand, he estimated the number of RE/MAX’s expansion plans in 2019 to 50 offices, and to 70 offices in 2020 across 12 governorates with more than 1,000 real estate agents.
RE/MAX Egypt has been operating in the country since 2013, and is currently present in six governorates (Cairo, Giza, Alexandria, the Red Sea, Dakahlia, and Gharbia) through 32 offices and 600 real estate agents.
With its headquarters in Colorado in the US, RE/MAX is the world’s number one franchise real estate marketing company, and is the fifth largest franchise around the world. With 46 years of experience since 1973, RE/MAX spreads across 117 countries around the world through 8,000 offices and 125,000 real estate agents.