Egypt - Minister of Housing, Utilities, and Urban Communities Sherif El Sherbiny has announced the largest offering of ready-to-deliver housing units, comprising 6,575 units in 15 new cities. These cities include New Cairo, New Alamein, New Mansoura, 6th of October, New October, October Gardens, Badr, Obour, Shorouk, 10th of Ramadan, Sadat, New Minya, New West Qena, Nasser (West Assiut), and New Damietta. The Minister said that the offered units vary between Sakan Misr, Dar Misr, Janna, and other distinguished housing types of projects to meet citizens’ needs. For his part, Hassan El Shorbagy, Deputy Chairman of the New Urban Communities Authority for the Real Estate and Commercial Affairs Sector, explained that 409 units will be available within the Janna project with spaces…

Dubai's real estate market recorded total sales worth AED141.9 billion ($38.6 billion) in Q3 2024, setting an all-time high for a single quarter. This eclipsed the previous quarterly sales record of AED124.07 billion in Q2 this year, and represented a 30.1% year-on-year rise in value. A market update issued by fäm Properties reveals there were 50,423 overall sales transactions in Q3, a 37.9% year on year increase in volume and a 16.6% rise on Q2. 39,058 apartment sales The 39,058 apartment sales worth AED70.5 billion represented 77% of the total Q3 transactions, and showed a 43.9% increase in volume on the same period last year. Meanwhile, 8,156 villas sold for AED39.2 billion, a rise in volume of 16.6% over Q3 2023 and an increase of 18.4% on the previous quarter. Rising…

Modon Holding PSC engaged with the initial major partners to join in the development of the Ras El Hekma megaproject on Egypt’s stunning Mediterranean coast. Situated on the north coast of Egypt, Ras El Hekma is set to become a leading urban and tourist hub, boasting a wide array of attractions and amenities. Modon Holding aims to harness its large-scale development expertise, collaborating with local, regional, and global partners to bring this visionary destination masterplan to life. These collaborative efforts, combined with a focus on diverse entertainment, sports, cultural events, and top-tier community management, will position Ras El Hekma as a premier Mediterranean destination. While the immediate focus is on tourism and hospitality, Modon’s long-term vision for…

Neom for Tourism Development, a subsidiary of Arab Developers Holding, launched the multi-use development project, the Newom Al Mostakbal on the Hope Axis. The project is a commercial, administrative, and medical complex located on an area of ​​52,000 square metres, according to a bourse disclosure. The company expected to achieve about EGP 13 billion in sales from the first phase, while the construction cost stands at EGP 3 billion. During the first half (H1) of 2024, Arab Developers shifted to consolidated net losses valued at EGP 11.41 million, against net profits worth EGP 53.38 million in H1-23.

Egypt - Madaar Development, a leader in Egypt’s real estate market, has presented exclusive deals and flexible long-term payment plans at Cityscape Egypt 2024, solidifying its market presence with ambitious expansion plans and innovative offerings. During the exhibition that lasted from 25 to 28 September at the Egypt International Exhibition Center with over 40,000 visitors, Madaar offered exclusive opportunities for prospective buyers at its flagship projects Azha Ain Sokhna and Azha Ras El-Hekma, with strategic plans for 2025 driving the company’s future growth. Participating once again in Egypt’s largest real estate exhibition, Madaar offered customers flexible purchasing options at Azha Ain Sokhna. Buyers can choose a zero down payment plan with eight-year…

The return on investment (ROI) is a vital metric for investors evaluating the profitability of property investments. It offers insights into financial returns, helping investors assess capital efficiency. By considering rental income, property appreciation, and related expenses, ROI provides a comprehensive view of potential earnings. A strong ROI indicates a wise investment, enabling investors to make informed decisions for a successful and profitable real estate experience. Egypt’s property ROI reaches 15% Basem Elsherbiny, the CEO and Founder of ETQAN Business Development, said that ROI in Egypt’s real estate sector varies based on property type—whether commercial, administrative, residential, or coastal. He noted that annual returns in Egypt range between 10-15%,…

Egypt - Laverde Developments was among the first companies to invest in the New Administrative Capital, particularly in the R8 district, through its first project La Verde New Capital on an area of 35 feddans, where the construction progress has reached more than 60%.   Additionally, the company’s second project in the New Capital, La Verde Cassette, spans over 55 feddans and includes a commercial mall, residential buildings, and villas. The project is located on the Green River frontage and main roads, making its location the first distinguishing feature. It is also close to the People’s Square, Egypt Mosque, and the smart transportation network in the New Capital, such as the monorail. The construction progress in the project exceeded 65% so far.   Among its…

Madinet Masr Housing and Development unveiled a number of real estate projects during the past nine months with a combined value of EGP 103 billion, according to a bourse disclosure.   These projects include the Butterfly project in Mostakel City at an amount of EGP 64 billion and the Rai Valleys project in Sarai with a value of EGP 3.50 billion, scheduled to be completed within four years.   Madinet Masr also launched the Origami Golf project in Taj City with a total value of EGP 11 billion and the Sheya project in Sarai with a value of EGP 6.90 billion, in addition to the Esse Residence project in Sarai with a total value of EGP 18.10 billion. As of 30 June 2024, the EGX-listed firm achieved contractual sales of EGP 20.90 billion, while the revenues increased by 95.80%…

Egypt’s real estate developer Enwan Developments announced its partnership with e& Egypt Business, a subsidiary of e& Egypt. This comes within the company’s strategy to collaborate with strong entities in all aspects and details of its projects.   Mohamed Salem, the founder and CEO of Enwan Developments, said that e& Business will provide all the necessary services for the administrative and medical building in the company’s Maraya Plaza mall through the Triple Play service, which includes landline, internet, and other communication services. The project was aligned with global technological advancements, ensuring the highest quality standards for all occupants and visitors.   He explained that the Maraya Plaza project consisted of two connected…

Emaar Misr for Development (EMFD) is investing approximately $1 billion in Egypt next year, founder of the UAE-based Emaar Properties Mohamed Alabbar said in an interview with Asharq Business.   On the sidelines of the company’s celebration of the Saudi National Day at Marassi resort on the North Coast, Alabbar highlighted that Emaar Misr has already invested around $20 billion in Egypt since it began operations, averaging $1 billion annually.   The company has opened The Address Hotel on Egypt’s North Coast last summer, with an investment exceeding EGP 5 billion.   The hotel spans 86,000 square meters and features 200 hotel rooms and 169 serviced apartments.   Alabbar remains optimistic about tourism investment in Egypt, particularly in the luxury…

The Egyptian government launched 543 new real estate projects in the country last year with initial investments worth $363 million, Asharq Business reported, citing Deputy Minister of Housing Walid Abbas. Abbas highlighted that 86% of the total new projects are held by the private sector. He added that the government allocated 1,350 industrial land plots of an area of 17,393 feddans worth EGP 26 billion for investors and developers last year.

IL CAZAR for Urban Development is preparing to launch the second phase of its The Crest project in New Cairo, with expected total sales reaching EGP 4bn. This will be part of their participation in the Cityscape exhibition. The company will also offer special deals for the Safia, Creek Town, and Go Heliopolis projects. The second phase of The Crest project is set to include 200 units, comprising residential apartments, duplexes, villas, and townhouses, with sizes ranging from 85 to 330 sqm. These units feature distinctive architectural designs by the office of architect Raef Fahmy. All units will offer stunning views of the green spaces and water features that cover 83% of the project area, which spans 158 feddans. IL CAZAR has achieved sales of EGP 5bn in the project since the…