Thursday 19 backend.Sep
The North Coast has experienced a surge in investment activity over the past few months. The substantial Ras El Hekma deal has reshaped the region's investment landscape in a short period, according to developers. This area has become a prime destination for foreign investment, driven by ongoing development and large-scale projects initiated by real estate firms. Consequently, strong customer demand is fuelling a steady rise in property prices.
Haitham Abdel Aziz, Managing
Director of Ora Developers Egypt, affirmed the North Coast's status as a prime
destination for Arab and Gulf investors. He highlighted Ras El Hekma City as an
emerging investment and tourism hub, further propelled by the government's
designation of the area as a free zone, enabling a diverse range of integrated
investment activities.
Abdel Aziz emphasized the
critical role of a master developer in the North Coast's evolution, citing Ras
El Hekma as a successful model. Such a developer would facilitate the creation
of sustainable service projects, aligning with the government's goal of
transforming the region into a year-round residential hub.
Mohamed El Taher, CEO of Saudi
Egyptian Construction, believes that the financial success of the developers in
the North Coast highlights the area's growth. He noted a 10% annual rental
yield, making it highly attractive to investors.
While the full effects of the Ras
El Hekma project won't be seen until summer 2025, it's already driving up demand
for property in the region. With buyers anticipating price increases, there's a
rush to purchase properties this summer.
Engineer Abdul Rahman Ajami, CEO
of Sky Abu Dhabi, a subsidiary of the Emirati Diamond Group, highlighted the
North Coast as a prime investment destination in Egypt's highly competitive
market. He emphasized the region's potential for substantial returns, reaching
up to 100% for both clients and developers.
Ajami attributed the North Coast's appeal to its promising performance indicators compared to other investment areas. He also noted the region's faster capital turnover, a factor influenced by project specifics, availability, and sales strategy.
