Egypt Daily News – The Egyptian real estate market is undergoing a notable transformation, with an increasing focus on regions beyond Cairo, particularly the North Coast, which is becoming a strong competitor to the capital’s dominance in real estate development.
Historical trends showed a concentration of development in Cairo, but recent years have indicated a shift as other areas, notably the North Coast, gaining traction.
According to a study by The Board Consulting, the largest ten real estate companies on the North Coast achieved substantial sales, totaling 331 billion Egyptian pounds in the first half of 2024—a substantial increase from 176 billion pounds in the first half of 2023.
A significant portion of this surge can be attributed to the success of the “South Med” project by the Talaat Mostafa Group, with sales soaring past 200 billion pounds in just the second quarter.
Following Talaat Mostafa, Palm Hills Company reported sales of approximately 28 billion pounds from its various projects, including Hacienda West, Hacienda Hashish, and Hacienda Bay.
Other players in the North Coast market included Tatweer Misr, which attained sales of 19.1 billion pounds through its projects like Fouka Bay and D-Bay, while Al-Ahly Sabbour and Ora Developers reported 17.4 billion and 15.6 billion pounds, respectively.
The remaining companies’ sales fell between 6.4 billion and 15 billion pounds.
Interestingly, the report highlighted that Arabian buyers represented 35% of North Coast sales. Average prices per square meter varied significantly: chalets averaged 131,000 pounds, villas reached 160,000 pounds, and cabins were markedly higher at around 420,000 pounds per square meter.
In a broader context, total sales for the top ten developers across various projects in Egypt soared to approximately 649 billion pounds in the first half of 2024—a striking 319% increase compared to the same timeframe in 2023.
Talaat Mostafa led by a considerable margin, recording around 340 billion pounds in sales, a remarkable leap from 51 billion pounds the previous year. Other notable companies like Palm Hills and Ora Developers also witnessed significant sales growth, reflecting a thriving market.
Lastly, an impressive statistic revealed that the overall sales of the 50 largest developers in Egypt for 2023 amounted to about 800 billion pounds, underscoring the record-breaking nature of the first quarter of 2024, which marked the highest sales in Egypt’s history.
Additionally, Talaat Mostafa Group holds a strong position in the international market, ranking second after Emaar in sales outside Egypt, with approximately $7.1 billion in sales from projects in Egypt and Saudi Arabia, compared to Emaar’s $8.6 billion in the region.
This prominence suggests an expanding footprint for Egyptian developers in international real estate markets.
