Egypt’s Minister of Housing, Utilities, and Urban Communities, Engineer Sherif El-Sherbiny, announced significant interest from foreign buyers, especially Gulf nationals, in Egyptian residential developments, particularly in New Alamein City and the Arabesque project near the Magra Al-Ayoun Wall. This update came during a marketing strategy review meeting chaired by Prime Minister Dr. Mostafa Madbouly, attended by several senior housing and real estate officials.
Minister El-Sherbiny outlined the marketing strategies for various New Urban Communities Authority (NUCA) housing projects, including allocations to multiple real estate companies across major cities like the New Administrative Capital, New Alamein, New Cairo, Sheikh Zayed, and Sixth of October City. He noted that the villa project in the R5 district of the New Administrative Capital, encompassing 459 villas, is set to begin sales with a targeted promotional plan. As of October 2024, sales from the R5 apartment project, which offers 23,200 units, reached approximately EGP 6.3 billion.
In New Cairo, the luxury housing project of 5,208 units is poised for immediate marketing. Sixth of October City’s luxury project saw its first phase of 600 units fully reserved, while Sheikh Zayed’s Bliss Gates development, with 664 units, is actively on the market.
Discussing New Alamein, El-Sherbiny highlighted projects like the LD00 Towers with 1,037 units and the Latin District with 4,543 units, both of which reported strong sales. The Sawari project in Alexandria, featuring 3,377 units, has completely sold out, while the Marina M8 and M9 projects with 917 and 1,183 units, respectively, also saw strong demand. The Fustat project, with 1,941 units, is similarly performing well.
The meeting also reviewed development proposals, such as the Jannah Zayed 77 project, a 23-acre development featuring 86 buildings, a school, and a new expansion zone in Zayed offering twin and townhouses, a club, and commercial amenities. Additionally, the sales outlook for projects in New Mansoura and the Maspero district was discussed.
El-Sherbiny concluded by affirming that demand for these residential units from international buyers highlights Egypt’s appeal as a prime real estate market, especially among Gulf investors.