The resilience of the Egyptian real estate market, emphasis on-time delivery of ongoing projects and new investment prospects were the top themes at the recently concluded Cityscape Egypt 2023 event in Cairo.
The country’s top developers emphasised the real estate market’s success in overcoming the economic challenges resulting from the spread of the coronavirus pandemic with many asserting that 2024 will be the year of opportunities for local and foreign investment in the country’s real estate sector.
Ahmed Sabbour, Chairman of Al-Ahli Sabbour Company, shared their 2023 focus on project delivery, aiming to hand over more than 4,000 residential units across various developments by year-end. Notably, a significant portion of these deliveries will occur in GAIA, situated on the North Coast, as well as the Green Square and L'avenir projects in Mostakbal City. Al-Ahli Sabbour has earmarked 5 billion Egyptian pounds ($162 million) for construction this year.
Menassat Developments presented its projects in the New Administrative Capital (NAC) and New Cairo. Chairman Ahmed Massoud highlighted the EGP4.3 billion ($140 million) Podia Tower project, located near the Central Business District in the NAC.
El-Attal Holding announced that it signed contracts for the West Leaves project in 6th of October City, with Chairman Ahmed El-Attal noting full occupancy of the project's first phase.
Ayman Abdel Hameed, Vice Chairman and Managing Director of Al Tameer Mortgage Finance - Al Oula, reported achieving EGP1.8 billion ($58 million) in mortgage finance by the end of August, with a target of EGP 2.1 billion ($68 million) by year-end.
MBG Developments unveiled the first phase of a sea-facing project in the Ras Al-Bar area in Damietta city, a partnership with the New Urban Communities Authority (NUCA). Chairman Mahmoud Al-Adl revealed that this 63-acre project, encompassing tourism, recreation, and commercial elements, would involve an investment exceeding EGP10 billion ($323 million). Consultants have been engaged to design the project, which includes a 5-star hotel, residential units, and a mall.
JDAR Developments presented their EGP10 billion ($323 million) Sea View mixed-use project on the North Coast, featuring villas, chalets, a 5-star hotel, 49 swimming pools, a mall, artificial lakes, a club house, and a mosque.
IGI Developments, renowned for pioneering integrated residential communities in the Egyptian market, showcased residential and service units within its 'City Trees' project, situated in 6th of October city.
(1 US Dollar = 30.94 Egyptian Pounds)
(Writing by Marwa Abo Almajd; Editing by Anoop Menon)
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