Engineer Sherif El-Sherbiny, Egypt’s Minister of Housing, Utilities, and Urban Communities, announced that sales from the R5 district apartment project reached approximately EGP 6.3 billion by October 2024. The minister also highlighted updates on the villa project in the same district, which includes 459 villas, noting the steps taken to launch a promotional plan for the project to kickstart sales.
In a follow-up meeting chaired by Prime Minister Dr. Mostafa Madbouly, ongoing marketing strategies for projects developed by the New Urban Communities Authority (NUCA) were discussed. Attendees included leading figures in the real estate sector, such as Dr. Walid Abbas, Deputy Chairman of NUCA, Mohamed Taher of the Saudi-Egyptian Development Company, and Tamer Nasser, CEO of City Edge Development, among others.
Minister El-Sherbiny provided updates on various projects managed by the Ministry of Housing through NUCA, especially in the New Administrative Capital and cities like New Alamein, New Cairo, Sixth of October, and Sheikh Zayed. These updates included progress on luxury housing in Sixth of October City, with 600 out of 2040 units in the first phase already reserved. Additional updates included the “Bliss Gates” project in Sheikh Zayed, offering 664 units, and New Alamein projects, such as the LD00 Towers with 1037 units and the Latin District with 4543 units, both achieving substantial sales.
In Alexandria, the “Sawari” project, featuring 3377 units, has sold out entirely, while the Marina M8 and M9 developments with 917 and 1183 units, respectively, also performed well. The Fustat project, encompassing 1941 units, saw notable sales as well. Further development proposals, like the Jannah Zayed 77 project with 86 apartment buildings and expansion initiatives in Zayed, were reviewed.
The meeting concluded with Minister El-Sherbiny highlighting strong interest from international buyers, particularly Gulf citizens, in residential units across projects like New Alamein and the “Arabesque” development near Magra Al-Ayoun. This reflects growing demand from non-Egyptians for housing in these strategic areas.