The sale of vacation properties will grow by 30-40% this year owing to increased demand from Egyptians and Arabs, said the commercial director of Abraj Misr, Tarek Bahaa.
According to Bahaa, the devaluation of the Egyptian pound against the dollar will be a catalyst for the growth of real estate investment in the coming period. The large number of ongoing mega-projects in Egypt, such as the New Administrative Capital and the Suez Canal Development Project, will also boost investment.
The company is focusing its sales on Egyptians as well as nationals living abroad; however, Bahaa said properties will also be sold to Arabs in the current season.
Abarj Misr is developing the ‘Shore’ project on an area of 180 acres in Ras El Hekma Bay along 186 km of the Alexandria-Marsa Matrouh desert road, according to Bahaa.
The project includes 2,000 housing units varying between tourist villas and chalets, with investments of EGP 1.8bn.
The company is considering entering into partnerships with real estate development companies to construct housing properties in the area of Ain Sokhna and on the Red Sea coast in the coming period, Bahaa said.
He said that the price of land varies from one region to another. Prices have increased by up to 60% in some areas, and by only 10% in others.