The New El Alamein project is characterized by a unique location and there is no comparison between this project, other projects, and villages of the North Coast, in terms of level of implementation and height towers, which will represent a shift in the construction sector in the Egyptian market, according to Makanak Real Estate Club (MREC) Chairperson Mahmoud Abdel Halim.
Abdel Halim said that the first offering of the New El Alamein towers project is expected to achieve sales exceeding 65% in a short period of time, due to the interest of a large number of customers in owning units in the project, whether for housing or investment.
He further expected that the high sales of the first phase may contribute to the increase of the prices of the second phase’s units, especially as the number of towers is only 15.
He pointed out that immediately after the government began the implementation of the project, the volume of investments in the North Coast increased. This year saw an increase in the volume of projects offered in the North Coast by more than 30%, compared to last year.
He elaborated that the number of projects currently marketed in the North Coast range between 22 to 25 projects. Furthermore, these projects’ prices are up 35%, compared to 2017 and new hikes are expected throughout the year.
The higher price increases the longer instalments payment period, as real estate developers will keep on offering long payment period reaches 6-7 years.