The leadership deal will give Real Estate North the status of the second largest market in Egypt.

Ras el-Hikma deal makes Egypt's North Coast the second largest real estate market in the country

Posted on March 6, 2024 at 1:32 p.m.

Real estate company Savez Egypt predicts that the Ras al-Hikma development project will change the rules of the game on Egypt's North Coast and strengthen its position as the second largest real estate market in the country after eastern Cairo.

This project is receiving a lot of support from the Arab world, especially the UAE, which is expected to contribute significantly to the development of luxury real estate, tourism and entertainment.

Katsbi Langer Pajit, head of the Saveur Egypt office, said the project is in line with the government's long-term vision to transform Egypt's North Coast into a thriving year-round resort.

He expects the project to promote competition in the industry, which increases the value of offerings and makes the region more attractive, while developing infrastructure to be ready to accommodate high-spending tourists.

He stressed that this project represents an opportunity to export Egyptian real estate expertise, which supports the government's vision towards real estate and the priorities of sustainable tourism development, which seeks to attract 8 million high-spending tourists, in line with the efforts of the Ministry of Tourism and Antiquities to minimize seasonal tourism.

Currently, there is a shortage of hotel services on the North Coast as there are only about 26 4-5 star hotels operating in the region with approximately 4,500 rooms.

"Savez Egypt reports that average property prices on the North Coast have already seen a marked increase, with projects seeing levels rise by 20-30% in 2022, 50% in 2023, and the Ras el-Hikma project is expected to increase property values in the area."

The Ras al-Hikma project is expected to create great employment opportunities in Egypt, supporting the government's vision for the new city of Alamein and the goal of attracting economic growth across the region.

The long-term partnership established through this project between Egypt and the UAE is a testament to the importance of collaborative growth and goes a long way in attracting more investment in real estate and other sectors across Egypt.