Q. How have you seen the real estate market in Egypt evolve over the past few years? What trends do you believe will shape the industry in the near future?
Overall, we have been seeing a steady upward trajectory in recent years within the Egyptian real estate market. People have started showing an increased interest in ownership, which has led to new developments, as well as a boost in ongoing projects. We know from our recent Market Watch report for Q1 2023, that the residential and mixed-use real estate sector recorded 522 ongoing projects, worth USD 309.9 billion. These accounted for half of the total number of projects and constituted approximately 83% of the total investments.
As the demand for property ownership in Egypt remains strong, we remain optimistic for this upward trend to continue in the near future . In addition, we look forward to working closely with the government, as it continues to heavily invest in infrastructure development, making Egypt an attractive destination to live and invest in.
Q. Can you share your thoughts on how technology is transforming the real estate industry, both globally and within Egypt? How should companies adapt to these changes?
Having extensive experience in the region’s real estate industry, we believe that the adoption of digital technologies is reshaping the way one can buy, sell, and manage properties. Especially with artificial intelligence opening up so many avenues, specifically in real estate. AI integration is transforming the sector, making data accessible at the simple click of a button, given its ability to help overcome challenges and drive efficiency improvements across property search, management, transactions, investment analysis, and tenant services. At Property Finder, we are committed to empowering the home search journey by adopting technology and utilising its purpose to deliver seamless experiences for all our home seekers and I think real estate firms have a great opportunity ahead of them, to fully embrace proptech solutions as a means to simplify operations, reach a larger audience, leverage a host of advertising options and enhance the overall consumer experience.
Q. How do you see innovation playing a role in the future of the real estate market, especially in emerging markets like Egypt? What opportunities do you foresee?
Innovation definitely has the potential to transform the way properties are bought, sold, and managed. The concept of smart cities and sustainable development is gaining traction in the real estate industry. Egypt's government has been focusing on upgrading smart cities, which not only attract investors but also promote sustainable and climate-adaptive development. As I see it, innovation in green building practices, renewable energy solutions, and eco-friendly infrastructure can create a more sustainable and environmentally conscious real estate market in Egypt. By embracing technological advancements, leveraging data analytics, and promoting sustainable development, the real estate industry can unlock new opportunities and create a more efficient and inclusive market.
We look forward to seeing the impact of these developments on home search. It would be exciting to see newer preferences emerge and further drive a larger scope for innovation within real estate and also proptech. Staying ahead of the curve, we remain committed to embracing every bit of that future with a clear focus on our four tenets: talent, trust, technology and transparency - not just in Egypt but across all the countries we operate in.
Q. Looking at your diverse career, what key decisions or turning points do you believe have been instrumental in shaping your path to success?
From the entertainment industry to real estate, indeed it has been quite the journey. What has stayed unique is exactly what you ask - the ability to embrace diversity and the joys of connecting with it through technology. That has been my most cherished pursuit on my path to success, especially in the MENA region where opportunities to work across cultures are plenty. I believe in technology for its power in bringing people from different walks of life together. Working at Property Finder has further enabled me to do that more often and help people from around the world to get living the life they deserve.
Q. How do you approach mentorship both within and outside your organization? Can you share a story where you helped someone grow professionally?
My father has played a great role in my upbringing and eventual growth as a professional. He constantly provided me with guidance, support and coaching to thrive in life and at work. Even today, we regularly discuss my career and I continue to learn from his spot-on insights.
With this in mind throughout my career, I have found that some of the most impactful professional relationships that I developed came from mentorships. Typically, I prioritize being in touch and providing mentorship to at least three people at any given time, in addition to engaging with my own mentors. Through this process, I have learnt that it is very important to focus on your goal as part of any mentorship. This helps ensure you are successfully adding value as a mentor and supporting your mentee’s growth by being a bankable source of knowledge and providing constructive feedback.
Q. What have been some of the most significant personal or professional challenges you've faced, and what have you learned from those experiences?
Despite several hurdles along the way, I am where I am, simply because I am passionate about what I do. The famed imposter syndrome has been a challenge in the industry, especially as I progressed to fill in senior roles. The constant feeling of being under scrutiny can be quite overwhelming to deal with. However, if navigated correctly, one can seize this as an opportunity to keep working hard and pursue growth above all else. If there is one thing I have learned from having been a sales leader in the past, it is the ability to keep going, believe in your ideas, and never give up. Moreover, having solid leadership skills can help navigate uncertainties easily. Most importantly, celebrate successes when you must. This can be even more exciting when operating in a market like Egypt where we are seeing so much potential for market growth as well as business transformation. All you need to do is own your narrative, and have a vision, while being ready to learn and unlearn along the way.
Q. What advice would you give to young professionals seeking to build a fulfilling career in sales, media, or real estate, and how can they prepare for the future landscape of these industries?
When planning your career journey, always create an action plan that captures a detailed flow of everything you intend to achieve. This will help you remain focused on your goal. To do this, you will need to identify comprehensive ways to reach there, detailed responsibilities and tasks. Read up on materials that support your purpose to widen your frontiers. Make sure you look at short, medium and long term goals, putting a realistic timeline for each and manifest the best of your abilities to make these a reality. Before you know it, you will be on your path to success.
Q. Can you share any specific challenges or opportunities you've encountered as a female leader in the real estate sector? How have these experiences influenced your approach to leadership and your efforts to foster a more inclusive environment in the industry?
As a female leader in the real estate sector, I have certainly faced my fair share of challenges. However, I believe that adversity only strengthens our determination and resilience. These experiences have influenced my approach to leadership, as I am committed to breaking down barriers and fostering a more inclusive environment in the industry.
My journey with Property Finder has helped me realise the potential for an alternate reality where opportunities are equal and talent is valued beyond traditional barriers. We continue to build an inclusive culture with talent being a central focus for our growth strategy. Employers can help their female leaders overcome these challenges by providing access to mentorship and coaching sessions, offering unbiased opportunities for skill-building and development, as well as creating a culture that celebrates success and encourages risk-taking.
Nervein Magdy's journey from entertainment to real estate highlights the power of embracing diversity and technology for success. Her advice emphasizes setting clear goals, continuous learning, and resilience for aspiring professionals in sales, media, or real estate. Her dedication to mentorship and inclusivity, despite challenges as a female leader, truly makes her a guiding light in a transforming industry.