Ahmed Ragab: The “Ras El Hekma” and “Red Sea Marassi” deals establish the idea of a “Golden Real Estate Triangle”
Ahmed Ragab, Chief Commercial Officer at Evora Real Estate Development, confirmed that the Egyptian real estate market is currently going through a phase of repositioning rather than a slowdown. He explained that there is a difference between inquiries and actual purchasing decisions, but there is still genuine sales activity in the market. He noted that real estate remains a safe haven for investment, a reliable store of value, and the primary hedge against inflation.
He added that the size of the Egyptian real estate market exceeds EGP 2 trillion in market value, making it one of the largest and most influential sectors in the local economy, and among the most attractive to foreign capital. He pointed out that there has been a structural shift in the type of demand recently due to rising property prices.
He clarified that current real estate activity is concentrated in East Cairo (such as New Cairo and the New Administrative Capital), West Cairo (such as Sheikh Zayed and 6th of October City), in addition to the coastal regions. He emphasized that there are two massive investment axes in the Egyptian market: the North Coast and the Red Sea.
Regarding the North Coast, he said the Ras El Hekma deal is one of the largest real estate transactions in Egypt’s history, covering an area of more than 170 million square meters, opening the door for real estate exports and attracting billions of dollars in investments.
As for the Red Sea, the Red Sea Marassi deal came as a record investment transaction worth $18.5 billion on a 10 million square meter area. It includes international hotels, marinas, residential and serviced apartments, and will provide about 170,000 job opportunities during implementation and more than 25,000 permanent jobs after operations.
He stressed that these two projects give Egypt two strategic fronts on the Mediterranean and the Red Sea, positioning it in direct competition with markets such as Dubai, Turkey, and Greece in the field of global real estate tourism.
Ragab also pointed out that the real estate sector has demonstrated high resilience in adapting to global and local shifts, by developing innovative payment systems with extended terms and applying dynamic pricing in line with construction costs and raw material price changes. Inflation, he noted, has pushed companies to reconsider their strategies to maintain balance between profitability and clients’ purchasing power.
He praised the Central Bank of Egypt’s recent 2% interest rate cut, calling it a strategic step to support mortgage financing. However, he noted that the secondary (resale) market still faces challenges due to high prices caused by long-term payment plans. He stressed the need for new, more flexible banking financing tools to create real balance.
He also predicted that the coming period will witness the introduction of innovative financing tools such as partnership financing and lease-to-own schemes, along with greater cooperation between banks and developers. He added that real estate companies are now focusing on value-added offerings for clients, such as delivering fully finished units or fully equipped medical and administrative spaces, which enhances real estate appeal and creates strong competitive advantage.
Finally, he emphasized that Egypt is today moving forward with the strategy of the “Golden Real Estate Triangle”:
• East Cairo as the administrative and service hub
• West Cairo as the residential and investment destination
• The North Coast and the Red Sea as engines for tourism and investment growth
