Propertyfinder said that the demand on North Coast increased by 109% since January to July 2017, according to Mohamed Hamad, the executive manager.
Hammad told Daily News Egypt demand in July 2017 increased by 44% compared to July 2016, adding that the demand on purchasing property in the North Coast increases in July due to the summer season.
He noted that the demand on North Coast is roughly more than the demand on Fifth Settlement in New Cairo, which is a first home market.
Hammad explained that the increase in demand on the North Coast is bigger than Ain Sokhna due to all tranches of the community can stay and accommodate in North Coast rather than Ain Sokhna, in addition to, Ain Sokhna has less services than the North Coast as any tenant can stay one or two months with sufficient services.
He pointed out that Sidi Abdel Rahman is the most area in demand in the North Coast. Furthermore, property prices there start at EGP 750,000 for a 70 sqm chalet.
“Cheapest unit for sale in the North Coast reached EGP 130,000 in Moria North Coast, while the cheapest unit for rent amounted to EGP 700 in Turquoise North Coast,” added Hammad.
He expected that the North Coast will witness a great boom in the coming years, and also the demand is growing.
He called the government to provide more lands connected with utilities to facilitate and increase investment in the North coast.
Propertyfinder received purchase demands estimated at EGP 3.3bn in 2016 and expected more in 2017 after the flotation of the Egyptian pound.