Leading real estate company Egyptian Resorts has sold a plot of land in Sahl Hasheesh on the Red Sea for $13.3 million according to Reuters, representing a renewed appetite for Egyptian property, as well as a sharp increase in the value of the land.
Egyptian Resorts have observed an increased interest in Egyptian property, according to investor relations manager Abu Bakr Makhlouf who commented:
“We’re seeing more interest from developers to resume their expansion plans,” he said. “The real estate market in Egypt was not as affected as the rest of the region, so Egypt is becoming more attractive.”
Furthermore, the sale of the 44,354 square metres plot on Sahl Hasheesh marked a significant increase in the price of the land, selling for $300 per square metre, over twice Egyptian Resort’s average selling price in 2008, according to Makhlouf.
News of this sale highlights the investment potential of the luxury resort Sahl Hasheesh with the increase in the price of its land suggesting the same can be forecasted for its property.
Further evidence that the region is attracting interst from major investors in the Gulf region, Makhlouf revealed that the buyer of the land was a Saudi Arabian investor planning to build a high-end hotel.