The Egyptian real estate market in 2024 saw significant shifts driven by investor interest in hospitality, tourism, and experiential spaces, alongside the rising appeal of the North Coast, particularly with the launch of the Ras El Hekma project. This growing demand from both Egyptian and international buyers is expected to continue shaping the market into 2025. Savills projects that in 2025, leasing and property management advisory services will continue to be in high demand as clients seek expert guidance to optimize their portfolios. The North Coast, boosted by high-profile developments like Ras El Hekma, is set to remain a key focus, driving ongoing interest in the region. Retail spaces are also poised for strong growth over the next two years, with an increasing consumer preference for experiential and lifestyle-oriented environments. Developers will prioritize creating dynamic, engaging spaces that cater to evolving consumer behaviors, shifting the focus from transactional retail to immersive, memorable experiences. Savills Egypt is looking ahead to the next year with a focus on overcoming emerging challenges and leveraging its expertise to drive sustainable growth, forge meaningful partnerships, and support Egypt's evolving real estate landscape. One of Savills' major 2024 success stories was its transformation of Majarrah, a flagship mixed-use development by Bonyan for Investment and Development. By focusing on tenant repositioning, marketing innovation, and operational improvements, Savills helped increase occupancy from 54% to 92%, boost foot traffic by 35%, and achieve up to 100% sales growth for tenants. The firm also facilitated record sales of EGP 17bn for Qatari Diar Real Estate Investment Company. Savills' Building and Project Consultancy team played a crucial role in creating new offices for multinational companies like Bayer, Chevron, Informa, and Organon. Chevron's Manoji Thomas praised Savills for adhering to budget and schedule. Additionally, Savills achieved a 98.4% occupancy rate and more than 48,000 daily visitors at the new extension of Arkan Plaza, setting a record for commercial projects in West Cairo. Beyond commercial successes, Savills Egypt contributed to national initiatives, including repurposing underutilized land with the World Bank-led consortium and the Sheikh Zayed City Council to support Vision 2030. The firm also provided key advice to the Administrative Capital for Urban Development (ACUD) on large-scale urban projects, collaborating with Dar El Handassa. Catesby Langer-Paget, Head of Savills Egypt, emphasized the firm's significant role in shaping Egypt's real estate future in 2024. Langer-Paget said, "Despite the macroeconomic challenges, Savills Egypt continued to deliver value-driven solutions through phased development and cost management. We embraced technology and optimized operations to navigate market complexities." In 2024, Savills also became a thought leader, hosting the "Savills Retail Connect" event and leading a national workshop with the World Bank, sharing insights from the Sheikh Zayed Pilot Project to guide other municipalities. Looking toward 2025, Savills Egypt plans to focus on emerging sectors like hospitality and logistics, leveraging global expertise and local market insights to drive the evolution of Egypt's real estate sector. "Savills Egypt has transformed into a partner of progress," said Langer-Paget, underscoring the firm's commitment to innovation, value creation, and growth in the years ahead.
