Empire State Developments introduces “price protection” policy to protect existing clients from new hikes
Empire State Developments announced the adoption of a “price protection” strategy as a key pillar in its relationship with customers, reflecting the company’s commitment to its clients and to maintaining stability in real estate sector.
Under this strategy, the company will refrain from imposing any new price increases on existing contracted clients, while no additional price hikes are currently expected for new customers.
Eng. Mostafa Mohsen, Chairman of Empire State Developments, said the strategy aims to prevent sudden price shocks that could affect the company’s agreements with its clients.
He added that the company is keen on supporting the stability of the real estate market, emphasizing that this approach reflects an institutional vision that goes beyond the pursuit of short-term profits.
Mohsen noted that Empire State has developed an innovative system that aligns with customer needs while taking into account global and local changes that may influence clients’ purchasing decisions.
He noted that the “price protection” concept adopted by Empire State reflects both a moral and financial commitment, rather than merely a marketing approach. In projects where a large share of units has already been sold, the company works to absorb a substantial portion of the ongoing increases in the costs of raw materials and essential construction materials.
He disclosed that a credible real estate developer is one with the technical and financial capacity to restructure construction costs using innovative engineering solutions, ensuring that all contractual obligations to buyers are honored without passing on additional burdens caused by fluctuations in prices of key building materials such as steel and cement.
He explained that the company’s system ensures that maintaining the “contract price” amid inflation serves as the best safeguard for protecting clients’ wealth and maximizing their long-term investment returns.
He further pointed out that the company’s approach is built on professional crisis management, including proactive agreements with suppliers and enhanced operational efficiency on project sites.
This strategy establishes robust safety margins, allowing the company to absorb fluctuations in exchange rates and the cost of imported materials, while reinforcing buyer confidence both in the real estate market overall and in the Empire State brand specifically, Mohsen added.
Empire State’s chairman indicated that Egypt’s real estate sector is going through a transitional phase that requires greater cooperation among developers to adopt flexible policies that protect the market from price bubbles and sharp fluctuations.
He stated that Empire State will continue to be among the leading entities providing practical solutions to ensure the sustainability of buying and selling activity in the market.
“Adhering to delivery schedules and upholding the highest technical quality standards is a “pledge” the company will never compromise on, regardless of rising construction costs, as the stability of the developer-client relationship is the true engine behind Egypt’s ongoing urban development,” Mohasen said. “Additionally, the concept of “price protection” is the only way to ensure a steady flow of both foreign and local investments into real estate as a safe savings vehicle.”
He concluded that Empire State always places the buyer’s interests at the forefront, treating them as a true partner in success, and that the company continues to develop innovative financial and engineering tools to ensure the stability of real estate assets and the growth of their market value, thereby meeting investment aspirations of all its clients.
