The covid 19 pandemic and the subsequent war in Ukraine has undoubtedly caused a huge economic impact throughout the world. This impact has been felt in every industry and the construction business is no exception to this along with many property investors in Hurghada.
Property developers in Hurghada face uncertainty
Build materials have increased significantly, with some items such as steel and concrete seeing rises of up to 50% in some countries.
This teamed with the increasing utility costs, labour shortages and problems with supply on many items have seen a heavy delay in property completions and even the collapse of some off-plan projects entirely, with unexpected companies forced into liquidation.
Specifically in Egypt, they have also had to deal with the banning of imports of many items due to government policy, high importation taxes on the available items and most recently the devaluation of the local Egyptian currency.
This unfortunately was the straw that broke the camel’s back for some developers who have since ceased building and have been forced to place all their plans on hold, as the expenditure has soared over the construction budget, making some projects not financially sustainable.
With all this uncertainty facing the developers, it can be easy to see how they can overlook the concerns of investors who are equally very worried about their money and the future of the projects they have invested in.
Go Investment gives property investors in Hurghada certainty
Sam Sunter who is the customer relations manager at Go Investment has stated “although no one can predict such times, there are many things that our developers take into account before starting construction and many systems put into place to make the investments as risk-free as possible for our property investors in Hurghada. Our highest priority is making sure that we protect our client’s investments and ensure they have peace of mind throughout the process.”
It is with this level of diligence that despite Go Investments‘ latest project, the Imperial resort being launched in the midst of the pandemic, it is not only completed on time but it will be opening 7 months ahead of the scheduled date of June 2023 and it will have the soft launch in November 2022.
Such early finishings in the current climate are extremely rare and Go Investment credits this to many factors, some of these being that their developers keep a contingency of money aside to aid any unexpected costs, they don’t rely solely on the property investors in Hurghadas income from sales of the properties to build and very importantly, they do not use the money from one project to fund another.
The latter is a trap that many developers fall down and this can lead to negative financial implications when unexpected events happen, and it can result in the subsequent collapse of all the projects they are working on. Good money management is crucial and never more so in these current times when every penny counts.
Property developments in Hurghada completing on time
Amy Ritter the sales manager at Go Investment adds that “everyone here works as a team, from the sales team in the UK to the construction workers on-site in Egypt. Of course, we have faced many challenges over the past few years and it is not an ideal climate to be working in, however, every problem along the way has been met with a solution. The fact that even in these trying times we have managed to finish 7 months ahead of schedule is testament to the extreme level of hard work we have all put in to make this happen for our property investors in Hurghada.”
Go Investment also very much pride themselves on keeping our property investors in Hurghada updated with the work going on onsite and providing regular photo updates, this was very welcome over the lockdown stages of the pandemic and became a source of much excitement for many clients and gave something for everyone to look forward to.
As the completion is nearing at the Imperial resort, you can feel the sense of buzz and excitement from the team at Go Investment and there is very much the feeling that during these times, this project has held extra significance to everyone involved and has given them all a sense of achievement and the very much needed..light at the end of the tunnel.