The 22nd roundtable, titled “The Luxe Retreat: Exploring Second Home Property Investments As True Wealth Builders,” gathered prominent industry leaders and experts to discuss maximizing the investment potential and profitability of Egypt’s second homes market, especially in the coastal areas.
The roundtable, moderated by Amr Elkady, Founder and Managing Director of AKD Advisory and board member of Egypt’s Real Estate Export Council, featured discussions on the investment appeal of Egypt’s second homes, banking/finance sector involvement, the potential of branded residences/hotel apartments, and other vital topics.
Participants included Mostafa Mounir, CEO of the Tourism Development Authority; Hisham Shoukry, Chairperson of Real Estate Egyptian Council and Founder and CEO of Rooya Holding for Real Estate; Ayman Abbas, Chairperson of Intro Investments Holding; Mohamed Abdalla, Chairperson of Coldwell Banker Middle East; Ibrahim El Missiri, CEO of Somabay; Haitham Mohamed, CEO of ORA Developers Egypt; Waleed Mokhtar, CEO of Iwan Developments; Akef El-Maghrabi, CEO and Managing Director of Suez Canal Bank; Bassel El Serafy, CEO of Adeer International; Nader Khozam, Chairperson and CEO of Il Cazar Developments; Raymond Ahdy, CEO of Wadi Degla Developments; Omar El Tayebi, CEO of TLD- The Land Developers; Yasser Al Beltagy, Founder and Chairperson of YBA; and Mohamed Galal, Founder of TSM.
Key recommendations from the discussions included:
- Presenting hospitality-related recommendations to the Tourism Development Authority and scheduling follow-up meetings.
- Distinguishing hospitality component criteria per the Tourism Development Authority’s terms to streamline investor processes.
- Considering hotel apartments as an alternative to hotel rooms in licensing conditions to enhance project profitability.
- Revising high interest rates for lands priced in USD to lessen the impact of EGP floatation.
- Promoting property exports in second homes, vacation properties, and branded residences to draw more international buyers and incentivize committed developers.
Immediate actions proposed were:
- Securing and registering trademarks pertinent to the Red Sea region due to recent developments on the opposite shoreline.
- Implementing destination branding strategies to increase second-home investments and their value, along with investments in second-home assets and facility management for tourist destinations’ success.
Additionally, the roundtable advocated:
- Exploring real estate funds to introduce new opportunities in the second home market.
- Encouraging developers to adopt sustainable practices and net-zero initiatives.
- Adopting the master developer model and customizing projects to regional characteristics.
- Establishing incentives for desalination plant use, including tax exemptions and banking support for plant establishment, aiding sustainability in coastal areas.
