The Al Rehab and Madinaty projects, developed by the Talaat Moustafa Group (TMG) have attracted strong interest from customers during September, marking the return to a recovery for Egypt’s real estate market.
Madinaty and Al Rehab developer TMG is headed by Hisham Talaat Mostafa, the most famous real estate developer in Egypt.
At the same time, the two cities have maintained the price levels per square metre (sqm) at rates close to those in circulation during August.
The Aqaar Map Index, which measures the conditions in the real estate market, indicated an increase in customer desires to own apartments in Al Rehab City. The level of this interest has been reflected in the rate of purchase orders to a record 100%, with requests for villas rising to break the 79% barrier scored in August, and moving towards 100%.
The purchase orders for Madinaty have tended towards apartment ownership, registering 78% or 12 points higher than the demand rate during August. This compared to the demand for villas which decreased relatively, recording 28%.
The report said that the average price/sqm for residential apartments in Al Rehab and Madinaty has maintained the same levels over the past month, with Al Rehab recording EGP 14,750 and Madinaty recording EGP 14,450.
Al Rehab is the first fully-serviced residential city to be developed by the private sector, and is located in New Cairo. It extends over an area of 10 million sqm, and can accommodate 200,000 residents.
Both Al Rehab and Madinaty are the two largest integrated residential projects in Cairo, with the valuation of the owned lands at the two developments estimated at EGP 49bn.
It is noteworthy that TMG has won several awards over the last three years as the best real estate developer in Egypt.