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19.12.2023

New Cairo: Egypt's Ambitious Project and Real Estate Opportunities

Egypt's New Administrative Capital (NAC), located 45 kilometers from Cairo, has emerged as a transformative real estate project with significant investment potential. As the country seeks to address the challenges of overpopulation, traffic congestion, and housing shortages in Cairo, the NAC aims to become a modern hub for government offices, embassies, and international investors.

 


Why the Need for New Cairo:

 

Old Cairo grapples with overcrowding, traffic jams, and pollution, prompting the Egyptian government to envision a new capital capable of accommodating 6.5–7 million residents, primarily civil servants and diplomats.

 


Development Highlights:

 

- The NAC already houses prominent structures like the world's largest Orthodox church and the second-largest mosque in Egypt.
- The Octagon, the new headquarters of the Egyptian Ministry of Defense, stands as one of the largest complexes in the Middle East.
- Ongoing projects include Green River Park, a major stadium, an international airport, and iconic skyscrapers like the Iconic Tower and Oblisco Capitale.

 

 

Key Features of New Cairo:

 

- Smart Infrastructure: The NAC is designed as a "smart" metropolis with an electric monorail railway connecting it to Cairo.
- Expansive Facilities: The city will boast artificial lakes, educational institutions, technology parks, hospitals, mosques, churches, hotels, and a theme park rivaling Disneyland.
- Tall Structures: Iconic Tower, the tallest building in Africa, and Oblisco Capitale, the world's tallest skyscraper, are among the architectural highlights.

 

 

Investor Interest:

 

- The NAC has garnered substantial interest from international investors, with substantial investments from the UAE and other sources.
- By 2022, the total investment volume exceeded 1 trillion Egyptian pounds (approximately $32.4 billion).
- In Q2 2023, the NAC represented 25% of total investment in Egypt, with $68.5 million invested in 97 projects.

 

 

Real Estate Prices:

 

- Average apartment prices in New Cairo were around 17.2 thousand Egyptian pounds per sq. m., while villas were priced at 20.4 thousand Egyptian pounds.
- Modern buildings dominate the market, often sold directly by developers with various payment options, including interest-free installments for up to ten years.

 

Commercial Properties: Commercial properties are particularly attractive to investors, with many offering fixed returns ranging from 15% to 22% per annum. Developers are also offering investor-friendly terms such as interest-free installments and contracts in both Arabic and Russian.

 


As the NAC continues to take shape, it presents a unique opportunity for investors seeking a stake in Egypt's ambitious urban development project. The city's strategic location, modern infrastructure, and diverse facilities contribute to its appeal among local and international buyers alike.

 

VelesClub offers top Developments in Egypt, contact our experts in Egypt Real-Estate market.

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