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Cairo, Egypt: Savills, one of the world’s leading property consultancies launches its 2021 North Coast Spotlight Report. The report looks at real estate developments along the Egyptian coastline and highlights the transformation of the seasonal summer destination into an integrated city.
The report outlines all available projects along the coastline from Al Alamein to Marsa Matrouh, with a special focus on the five most up-and-coming cities on the coastline this year: New Alamein City, Sidi Abdelrahman, El Dabaa, Ras Al Hekma and Garawlah.
“Egyptians have had an emotional connection with the North Coast since the 70s especially during the three months of summer. Developers saw this as an opportunity for investment, building beachfront compounds along the coastline.”, explains Tamer ElFiky, Head of Marketing & Business Development at Savills Egypt.
Zeinab Adel, Head of Strategic Consultancy at Savills Egypt adds: “However, over the past few years, we’ve seen a change in seasonality especially with the launch of New Alamein City. The northern coastline is now becoming the new destination for city developments mixing between stand-alone villas, chalets and high-rise towers.”
She continues: “This was translated into an increase in the number of sales due to the increase in demand. Prices for units in the North Coast today range from an average of EGP 25,000 per sqm all the way up to EGP 75,000 per sqm depending on location, floor, views and size of the unit.”
Building on that, ElFiky says: “Investors are now trying to capitalize on the length of the beachfront, finding developments on both the north and south sides of the coastline. They are also moving away from resort building to integrated cities like Al Alamein city that has a nearby airport, direct access to the beach, international trade centers and high-rise towers, offering citizens an alternative from the packed and crowded capital.”
These new coastline cities are changing the definition of the North Coast from exquisite sandy beaches and resorts into prime real estate investment opportunities.
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About Savills
Savills is a global real estate services provider listed on the London Stock Exchange. Savills has an international network of over 650 offices and associates and circa 39,000 staff throughout the Americas, the UK, Continental Europe, Asia Pacific, Africa and the Middle East, offering a broad range of specialist advisory, management and transactional services to clients all over the world. With more than 43 years’ experience, Savills now has 7 offices in the MENA region, including Egypt. Since opening its offices in 2019, Savills Egypt has quadrupled in size, with over 70 staff members to date and a strong senior management team based out of Cairo. Savills Egypt is consulting for the market’s largest developers, across multiple property types and currently manages several properties across the country, including Arkan Plaza, Ivory Business Park, One Zamalek, Kayan and Mazar. Savills’ main service lines include property management, strategic consulting, project management, leasing and sales, marketing and corporate services.
© Press Release 2021
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