There is a running joke among Egyptians about the “kind coast” and the “evil coast”.
The first refers to the North Coast resorts constructed many years ago — from the 21 km mark on the North Coast Road to the Marina Resort at the 120 km mark that generally cater to families.
The second refers to resorts built more recently, especially from Alamein City to Matrouh governorate. Known for their high unit prices and expenses, these are known to attract young people. Parties and concerts are held there on a daily basis.
The construction of New Alamein City has resulted in the springing up of new “evil coast” resorts that in addition to offering residential units priced in the six digits have resulted in a hike in the prices of units on the “kind coast” as well.
Commercial Director at the Mena Group Lamiaa Elneama described Alamein City as “the capital of the North Coast”, saying that it is a “civilisational launch pad” for the area. She expects that it will attract foreign tourists all year round once it is fully operational.
Residential units across the North Coast, a favourite summertime vacation destination for Egyptians, have seen a hike in prices due to the rise in the price of building materials as well as the allure New Alamein has added to the area, Elneama said.
She added that in resorts built earlier and closer to Alexandria the price of a square metre is estimated at LE30,000, up from LE10,000 in the Marina resort in 2018, while a square metre of a unit in the newer resorts may reach up to LE60,000.
Elneama believes that Alexandria residents tend to buy units closer to their governorate, while Cairo residents opt for units in the new North Coast resorts.
The resale market has also been busy since the establishment of New Alamein City. Scores of owners of units on the “kind coast” have been offering them for sale to buy units in the new tourist projects on the North Coast.
People see these new projects as an opportunity for investment, Elneama said.
The highest demand for real estate in the resale market in Egypt this year is concentrated in the North Coast, she added.
In the resale market, a square metre of a unit in the older resorts has gone up from LE10,000 to LE14,000, she said.
Head of the Jill Office in Egypt Ayman Sami said the majority of buying and selling operations this year are taking place in and around the new resorts built to the west of Alamein, adding that this area has seen a 15 to 20 per cent rise in prices over the past year.
He also expects further price rises.
Sami said new units sometimes sell like hot cakes even before they have been built, adding that this might be due to people’s desire to invest their savings in real estate, especially with the erosion of the purchasing power of the Egyptian pound.
Schemes for the New Coast look promising with educational, healthcare, agricultural, and industrial projects planned, he noted, adding that when more services are available more people will be attracted to the region.
New Alamein City, built on more than 50,000 feddans of land, overlooks the Mediterranean Sea. It is designed to house more than 400,000 residents and is famous for its skyscrapers reaching 42 storeys high.
Built as an inclusive touristic, industrial, and entertainment 4G city, New Alamein comprises luxurious hotels, malls, and a university.
A residential compound is being constructed at New Alamein on 700 feddans of land containing 12,500 villas, cabins, and houses. The villas are built on man-made islands.
New Alamein also plans to open a Heritage City on 260 feddans of land. This will house cultural and commercial buildings, a mosque, a church, an opera house, a museum, a theatre, and a cinema complex.
* A version of this article appears in print in the 3 August, 2023 edition of Al-Ahram Weekly