New Alamein: A real-estate game changer
The North Coast of Egypt has seen a surge in real estate prices due to the construction of New Alamein City, a mega-project that aims to transform the area into a year-round tourist destination.
New Alamein City, which covers over 50,000 feddans of land along the Mediterranean Sea, is designed to accommodate over 400,000 residents and features skyscrapers, hotels, malls, a university, and a heritage city. The project is expected to attract foreign tourists and investors with its modern facilities and services.
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The city has also sparked a boom in the nearby resorts, especially those located west of Alamein. These resorts are known for their high-end units and lively nightlife, catering to the younger generation. They are often called the โevil coast,โ in contrast to the older and more family-friendly resorts closer to Alexandria, dubbed the โkind coast.โ
According to real estate experts, the prices of residential units on the North Coast have increased by 15 to 20 percent in the past year and are likely to rise further. Some of the factors behind this trend are the increase in the cost of building materials, the depreciation of the Egyptian pound, and the high demand for investment opportunities.
Many owners of units on the โkind coastโ have decided to sell them and buy new ones on the โevil coast,โ hoping to benefit from the development of New Alamein City. The resale market has also witnessed a lot of activity, with the North Coast being the most popular area for buying and selling properties in Egypt this year.
The North Coast is one of Egyptians’ most preferred summer destinations, offering them various options and experiences. With the launch of New Alamein City, it is set to become even more attractive and dynamic.
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