Savills Egypt, a leading global real estate advisor, predicts that the Ras El Hekma development project will make the North Coast Egypt's second-largest real estate market, after East Cairo. This prediction underscores the region's growing significance in Egypt's real estate landscape.
BOOSTING NORTH COAST REAL ESTATE
The Ras El Hekma project could change things for the North Coast. It has strong support from the Arab world, especially the UAE. The UAE's expertise in luxury real estate, tourism, and entertainment is likely to drive the project's success.
GOVERNMENT VISION FOR THE NORTH COAST
Catesby Langer-Paget, Head of Savills Egypt, says the initiative matches the government's vision. The goal of this vision is to turn the North Coast into a lively destination all year. The project's goal is to encourage healthy competition among developers. This will improve the area's quality and attractiveness. It will also upgrade infrastructure for high-spending tourists, bringing in more revenue.
FOCUS ON SUSTAINABLE TOURISM
The Ras El Hekma project focuses on sustainable tourism development. It aims to draw in 8 million tourists with higher purchasing power. This marks a shift from the traditional all-inclusive model, aligning with the Ministry of Tourism and Antiquities' goal of diversifying the tourism industry.
IMPACT ON PROPERTY VALUES
The North Coast has experienced a big increase in average sale prices. Premium developments have seen rises of 20-30% in 2022 and 50% in 2023. The Ras El Hekma project is likely to boost property values even more in the area.
JOB OPPORTUNITIES AND ECONOMIC GROWTH
The project will boost tourism and create many jobs for Egyptians. It supports the government's vision for New Alamein City and boosts the economy. Egypt's long-term partnership with the UAE could attract more investments in different sectors.
In conclusion, the Ras El Hekma project marks a big step toward sustainable tourism and economic growth. As property prices rise and jobs increase, Egypt and the UAE working together bring mutual growth. This collaboration promises ongoing investment in different sectors. It paves the way for long-term success in making the North Coast an exciting destination.
