Demand for Egyptian holiday homes soars
Owning a second home has long been the done thing for the well-heeled city dweller, but with north to south coastal community development on the rise, opportunities abound for the interested investor.
The cachet of having a summer residence on Egypt’s north coast or a winter home in Sokhna is no longer reserved for the wealthy, and despite a challenging socio-economic climate, the country’s developers are laying the foundations for a new wave of second home owners.
Maged Helmy, Chairman, Wadi Degla Developments, which counts the Murano community in Ain Sokhna as part of its portfolio, cites the historic appeal of holiday home ownership as a continued driver for local investor demand.
“In Egypt, second homes are not so much a luxury as a way of life for many Egyptians. Hotspots like Sokhna and the North Coast are in high demand for their scenic locations, fair weather and, most importantly, proximity. This means that investment in second homes will always witness demand,” he says.
Mohamed Gamal, Chairman of PACT Real Estate, developer of the Whitebay – Sidi Henish project, agrees: “Both the North Coast and Sokhna have been the local summer getaway for Egyptians for over 20 years and this gives both locations unique appeal. During summer, the North Coast isn’t just a tourist destination, it also becomes a residential community for three months, and this provides enhanced value for investors and greater opportunities for secure long-term investment.
“Judging by the growth in demand and increase in value over the past few years, the North Coast is becoming a scarce opportunity for investment. Early investors are definitely promised higher returns in a very short period of time.”
With a new Sokhna project set to be unveiled at Cityscape Egypt, Misr Italia CEO, Mohamed Hany El Assal, says that infrastructure development is also driving domestic demand as new road networks connect cities and communities.
“Over the past few years, these areas of the country have created wider opportunities to attract different classes of investors to their new communities by offering properties at a range of different prices,” he says.
“These locations are no longer just summer or winter homes; rather they are lifestyle destinations that offer a wide range of facilities housed in integrated communities on the banks of the Mediterranean or Red Sea,” he adds.
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