Engineer Fathallah Fawzy, Vice President of the Egyptian Businessmen Association, affirmed that Egypt’s real estate sector has witnessed an unprecedented urban boom over the past decade. He noted that the development achieved since 2014 equals or even surpasses what was accomplished over the previous three to four decades. He pointed out that the proportion of Egypt’s inhabited land doubled from 7% to 14%, describing it as a historic achievement. Fawzy also highlighted that the New Administrative Capital now hosts between 500 to 600 real estate development companies and that investments have expanded to the North Coast, with plans underway to develop the entire area stretching from Matrouh to Salloum.
The article referenced the Ras El Hekma project as a significant leap in urban development along the Mediterranean coastline, attracting major Emirati investments. Fawzy stated that the transformation of the real estate sector has extended across the entire country, including cities like New Sohag and New Assiut. He added that the challenges developers faced prior to 2014—such as the limited availability of land and the complexity of licensing procedures—have improved substantially, with land now more accessible and licenses granted more swiftly.
Fawzy praised the development of Egypt’s road networks and infrastructure, noting that they have successfully connected new cities to existing urban centers, facilitated access to emerging investment zones, and significantly reduced travel time. He emphasized that government incentives, the availability of land, and competition among over 1,600 real estate development companies have contributed to improved quality and diversity in real estate projects, benefiting consumers. He concluded that Egypt has undergone both an urban and economic revolution over the past ten years, thanks to the strategic planning and vision initiated in 2014.