Egypt's Real Estate Market Sales
Egypt's real estate market witnessed unprecedented growth in the first nine months of 2024, with total property sales exceeding one trillion EGP. This significant milestone, reflecting a 203% increase compared to the previous year, highlights the market's resilience and ability to adapt to both global and local economic challenges.
North Coast Leads the Market with Over 550 Billion EGP in Sales
The North Coast dominated the real estate sales landscape, recording over 550 billion EGP, which accounts for 53% of the total market. This surge in demand is driven by the growing popularity of prime coastal areas such as New Alamein and Ras El Hekma, which have become leading investment destinations due to their luxury developments and high return on investment.
Top Real Estate Developers in 2024
1. Talaat Moustafa Group Holding – Leading the Market
The top real estate companies achieved significant sales growth in 2024, with growth rates ranging from 34.5% to 434.1%. Below are the details of the key companies and their achievements:
Talaat Moustafa Group Holding is one of the most prominent real estate developers in Egypt and the Middle East. Founded in 2007, the company is renowned for developing fully integrated residential communities such as Al Rehab, Madinaty, and Nour City. TMG holds a strategic land portfolio of 53 million square meters and is known for setting new standards of luxury and sophistication in its projects.
- Sales: EGP 454 billion (growth of 434.1%)
- Key Projects: Madinaty, Al Rehab, Nour City, Celia Compound (New Administrative Capital).
Founded in 2005, Palm Hills has become one of Egypt’s leading real estate developers, thanks to its diverse portfolio of upscale residential communities and advanced commercial complexes. The company aligns with the country’s vision for comprehensive urban development.
- Sales: EGP 131 billion (growth of 309.4%)
- Key Projects: Badya (6th of October City), Palm Hills New Cairo, Hacienda West (Ras El Hekma), Village Garden Katameya (New Cairo).
Mountain View was established in 2005 under the leadership of Engineer Amr Ismail. The company is known for its unique projects that combine modern designs with strategic locations. It focuses on delivering innovative architectural solutions tailored to client needs.
- Sales: EGP 75.6 billion (growth of 161.6%)
- Key Projects: Mountain View iCity (New Cairo), Mountain View Hyde Park, Heartwork (New Cairo), Mountain View North Coast.
4. New Giza for Real Estate Development
Despite being a relatively young company, founded only 10 years ago, New Giza has made a significant impact on Egypt’s real estate market. The company specializes in projects that blend luxury and innovation while preserving authentic Arabic aesthetics.
- Sales: EGP 75 billion (growth of 275%)
- Key Projects: New Giza Compound, Playa Sechelles, City View (6th of October City).
Led by renowned businessman Naguib Sawiris, Ora Developers is a leading real estate company known for delivering high-end residential units with world-class designs. The company collaborates with international consultancy firms such as WATG, which has over 75 years of expertise.
- Sales: EGP 63.9 billion (growth of 34.5%)
- Key Projects: Sheikh Zayed Towers, Zed East (New Cairo), Silversands (North Coast).
City Edge was established as a partnership between the New Urban Communities Authority, the Housing and Development Bank, and the Holding Company for Investment and Development. This makes it one of the strongest players in the market, known for developing large-scale projects like the New Alamein Towers.
- Sales: EGP 43.8 billion (growth of 75.2%)
- Key Projects: North Edge Towers (New Alamein), Al Maqsad Compound (New Administrative Capital), The Gate Towers (New Alamein).
7. Emaar Misr for Development
Emaar Misr is a subsidiary of the globally renowned Emaar Properties from the UAE. It entered the Egyptian market through major residential and commercial projects, leaving a significant footprint in the real estate industry.
- Sales: EGP 43.5 billion (growth of 61.4%)
- Key Projects: Marassi (North Coast), Uptown Cairo, Belle Vie (Sheikh Zayed), Mivida (New Cairo).
8. SODIC (Sixth of October Development & Investment Company)
SODIC is one of Egypt’s oldest and largest real estate developers. It is known for integrated communities that blend residential and commercial services, strategically located with contemporary designs.
- Sales: EGP 39.8 billion (growth of 63.7%)
- Key Projects: SODIC East (New Heliopolis), Eastown (New Cairo), Villette (New Cairo).
Founded in 2007, Hyde Park quickly gained attention with its luxurious and high-quality developments. The company focuses on delivering fully integrated communities that cater to customers' design and service needs.
- Sales: EGP 37.5 billion (growth of 218%)
- Key Projects: Hyde Park Compound, Hyde Park Business District, Hyde Out Park, Hyde Park North (Ras El Hekma).
10. Madinet Nasr for Housing & Development (MNHD)
One of Egypt’s oldest real estate developers, MNHD was founded in 1959 and listed on the Egyptian stock exchange in 1995. The company is dedicated to innovative and high-quality residential developments.
- Sales: EGP 36.6 billion (growth of 76.4%)
- Key Projects: Taj City (New Cairo), Sarai Compound, Kinda (New Cairo).
Challenges and Opportunities in Egypt’s Real Estate Market
Market Challenges
- Inflation-driven slowdown: The rising cost of living has reduced buyers’ purchasing power.
- Increasing construction costs: Higher prices for raw materials such as steel and cement have impacted property prices.
- High-interest rates: Rising interest rates have made mortgage financing more expensive, discouraging buyers.
- Regulatory complexities: Some real estate laws require further clarity and improvements to attract foreign investors.
- Oversupply in some areas: Certain new cities are experiencing an oversupply of properties, slowing down sales.
Promising Opportunities
- Strong housing demand: With a growing population, demand for residential properties remains high, especially in New Capital and New Alamein.
- Expanded mortgage financing: Increased availability of home loans can enhance affordability.
- Smart and sustainable real estate: The rising popularity of eco-friendly and tech-integrated developments is reshaping the market.
- Foreign investment growth: Increased interest from Gulf investors is expected to boost the market.
- Infrastructure developments: Enhanced road networks and transportation projects are increasing real estate value in key locations.
Future Outlook for Egypt’s Real Estate Market
Despite challenges, experts predict continued market growth, supported by major developments like the New Administrative Capital and New Alamein City. These projects are set to drive investment and solidify Egypt’s position as a prime real estate hub in the Middle East.
