Heading into the new year, Egypt’s real estate industry is on a growth trajectory, data from a recent JLL report shows.
Egypt’s property market is growing at a rapid rate and many developers, both domestic and international, are responding positively to this hike in demand by launching new, residential offerings across the country.
Over the course of the past 12-months, just under 20,000 residential units were completed in Cairo. This represents a 40% increase on those delivered in 2020 and takes Greater Cairo’s total residential stock to around 227,000 units.
Not only has demand for property risen over the past year, but there has also been an upward trend in sale and rental prices with average residential prices increasing by around 8% in Q4 of 2021.
Areas that have seen a notable growth in residential stock include Egypt’s New Administrative Capital, 6th October City and the New Cairo area.
One month into the new year, we take a look at some of the latest, residential developments set to open in Egypt in 2022.
IL MONTE GALALA SOKHNA
Delivery Date: End-2021 (approx. 700 units) & End-2022 (approx. 1,500 units)
Developed by Cairo-based property giant, Tatweer Misr, in collaboration with Italian architect, Gianluca Peluffo and Partners, IL Monte Galala aims to set a global benchmark for luxury living.
Taking inspiration from the lush surroundings of Portofino, the development is situated in the Galala Mountain in Ain Sokhna and spans a stretch of over 525 acres. Surrounded by 1.4 kilometers of untouched beach, Galala’s waterfront homes offer views over the mountains and the Red Sea.
The EGP 18 billion development will consist of 5,000 residential units, 4,000 serviced units and 1,000 hotel rooms spread out between 9 hotels. At current, phase one of the project is just over half-way to completion, with around 2,500 units ready for delivery. The development is expected to reach full completion by the end of the year.
ÉCLAT
Delivery Date: May 2022
Located in Port Said, the waterfront city at the northern point of the Suez Canal, ÉCLAT is the latest of six projects developed by New Plan Developments.
Characterised by its direct sea views and ease of access to the port and several international coastal roads, the development has been designed to reflect the city’s Mediterranean atmosphere and logistical significance. Â
ÉCLAT will cover an area of around 38 acres and consist of 266 units, fully furnished by Tonio Lamborghini in Italy. The development will also feature four artificial lakes, a swimming lagoon and pool, a VIP lounge, and a clubhouse.
At over 75% completion, it is currently in phase two of construction.
LAKE WEST
Delivery Date: Q1 2022 (phase one)
Created by Cairo Capital Developments, Lake West is located in a central setting in the heart of Sheikh Zayed City. It is conveniently situated within 15 minutes of Misr University for Science and Technology and MSA University, and a short drive from Arkan and Zayed Central Parks.
The project covers 43 acres and includes five commercial units as well as townhouses, and two different size option stand-alone villas. The EGP 1.5 billion development is set to become a luxury, gated community offering residents access to nature and a range of local amenities.
The developer is also set to launch Lake West 2 on a 15-acre plot. As it stands, the construction of phase one of the project is over 60% complete.
Photo credit:Â https://cubeconsultants.org/thecapitalcairo/
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