Tamer El-Feki, Chief Operating Officer at Ivory Investments, highlighted a significant shift and unprecedented growth in Egypt’s real estate market in recent months. The market has seen substantial gains, and El-Feki anticipates further price increases in several new projects, especially in areas like the New Administrative Capital, New Cairo, Sheikh Zayed, and the Sphinx City.
In an exclusive statement to Al-Aqariya, El-Feki forecasted a 30% increase in real estate prices in the coming period, primarily due to rising construction material costs and production requirements.
He noted that foreign investments, particularly from Egyptians living abroad, have become a key player in Egypt’s real estate sector. These investors now account for 20% of market sales and investments. Additionally, Gulf nationals contribute over 20% of the sector’s investments and purchases, with a growing interest in properties along the North Coast and the Red Sea.
Hotel Apartments and Service Properties
El-Feki pointed out that Gulf investors are particularly interested in hotel apartments and service properties, with demand increasing by 15% compared to the usual demand from non-Egyptians.
Office Units and Administrative Spaces
There has also been a noticeable 20% rise in the demand for office units during the first nine months of this year, especially in commercial areas such as Sheikh Zayed, New Cairo, and the New Administrative Capital.
Commercial Sector
The commercial sector has seen price increases ranging from 17% to 20% for sales, while rental prices have surged by more than 25%.
Demand for Coastal and Administrative Units
The North Coast remains the most sought-after destination for Gulf residents, followed by administrative units in Cairo. Sheikh Zayed is the leading city attracting interest from Gulf investors, followed by strong demand for commercial spaces.
Egyptians Abroad and Price Trends
El-Feki emphasized that Egyptians living in Saudi Arabia are the most active buyers in the Egyptian real estate market due to their large numbers. Meanwhile, higher-priced properties in Egypt are primarily sought after by Egyptians living in the UAE and Kuwait.