ALBAWABA – A recent real estate study conducted by The Board Consulting, a business consultancy firm, revealed that the total sales of the 10 largest real estate companies on Egypt’s North Coast amounted to 331 billion Egyptian pounds in the first half of 2024, compared to 176 billion pounds during the same period of 2023. While Cairo continues to be the largest city with the country’s biggest real estate market, the North Coast is competing with the capital’s dominance.
Real Estate sales for Egyptian companies at the North Coast
Ahmed Zaki, Managing Director and Co-Founder of The Board Consulting, said that more of the 60% real estate sales in the first half of 2024 were generated after opening the sales for SouthMED, a project for Talaat Moustafa Group in the North Coast, recording more than 200 billion Egyptian pounds.
Egypt’s North Coast amounted to 331 billion Egyptian pounds in the first half of 2024, compared to 176 billion pounds during the same period of 2023. (Shutterstock)
Additionally, Palm Hills Developments recorded a total sales estimated at 28 billion Egyptian pounds in Hacienda West, Hacienda Heneish, and Hacienda Bay projects. Tatweer Misr overall sales were 19.1 billion Egyptian pounds in Fouka Bay, Salt, and D-Bay projects.
On the other hand, Al Ahly Sabbour sales amounted to 17.4 billion Egyptian pounds in the Summer, Gaia, and Amwaj projects. Finally, Ora Developers achieved 15.6 billion Egyptian pounds with its Silver Sands project. The total real estate sales of other companies on the list ranged between 6.4 and 15 billion pounds.
Arab buyers account for 35% of real estate sales at the North Coast
The report issued by The Board Consulting showed that Arabs acquired around 35% of the real estate sales in the North Coast, according to Al Arabiya.
It is worth noting that real estate prices vary depending on the property type. Chalets are averaging for 131,000 Egyptian pounds per square meter, while villas are priced at 160,000 Egyptian pounds per square meter. Cabins amounted to 420,000 Egyptian pounds per square meter.
