Egypt – Mohamed Amer, CEO of El Gouna, a city developed by Orascom Development, has unveiled plans for the delivery of 860 new units in 2024. These units encompass developments by Orascom Development and private developers.
Amer disclosed that the company is currently in the process of completing the construction of 836 units, with 260 units delivered to customers in the third quarter of 2023.
He noted a 55.7% increase in real estate sales in El Gouna during the first nine months of 2023, emphasizing the goal to export real estate, especially to Egyptians residing abroad.
The city aims to expand its hotel capacity to boost dollar revenues, with ongoing renovations and replacements to upgrade all hotels in El Gouna. Plans include commencing construction on approximately 30 new hotel rooms in 2024 at CASA COOK.
As of the end of September, El Gouna’s hotels achieved a 72% occupancy rate, up from 69% in the same period the previous year. Foreign property ownership in El Gouna reached 31%, contributing to 81% of the total hotel occupancy in the first nine months of 2023.
Despite positive steps allowing foreigners to buy properties, challenges persist, such as difficulties in obtaining foreign currency for selling properties and facilitating money transfers for foreigners leaving Egypt, according to Amer.
Regarding new phases, El Gouna is set to launch the second phase of its North Bay project, designed for a tranquil lifestyle overlooking an open lagoon and connected to the sea. Amer highlighted ongoing efforts to fill gaps in sectors like clothing stores and positions El Gouna as an entrepreneurial hub with the El Gouna Business Park.
The total operating profits of El Gouna’s hotels experienced a significant increase of 139.8% to EGP 1.1 billion at the end of September, compared to the first nine months of 2022.
