LIVING "By the Real Estate Leaders" Fall 2018 Issue #16 | Page 8

Mansoura,
of Egypt’s
one of one
Egypt’s
most most
precious
gems,
has maintained
its
precious
gems, has
maintained
its
real popularity
estate popularity
and throughout
vigor throughout
real estate
and vigor
the Not
years.
only
is estate
its real business
estate business
thriving,
the years.
only Not
is its
real
thriving,
it is constantly
evolving.
With
work underway
it is constantly
evolving.
With work
underway
in the in the
New Mansoura
its growth
and expansion
are
New Mansoura
project, project,
its growth
and expansion
are
want to want
invest to invest
inevitable.
inevitable.
in real estate,”
Dr.
in real estate,”
explains explains
Dr.
Samy.
Samy.
New Mansoura
is an ambitious
and extremely
promising
New Mansoura
is an ambitious
and extremely
promising
new project.
will be located
at the of North of
new project.
The new The
city new
will city
be located
at the North
The
most expensive
area in Mansoura
is the “Mashaya”
expensive
area in Mansoura
is the “Mashaya”
Mansoura
will 15
extend
15 the
km Mediterranean.
on the Mediterranean. The most
Mansoura
and will and
extend
km on
which
per there
meter
there exceeds
the faces
Nile; the
the Nile;
price the
per price
meter
exceeds
The
total
area project
of the project
is expected
to be around which faces
The total
area
of the
is expected
to be around
20,000
LE. Despite
high Mansoura
prices, Mansoura
Despite
the high the
prices,
remains remains
6,260
acres housing
- 1,000,000
people within 20,000 LE.
6,260 acres
housing
700,000 700,000
- 1,000,000
people within
an attractive
for to
people
to live
and “Man-
invest. “Man-
place for place
people
live and
invest.
residential
units. units
These
vary between an attractive
158,000 158,000
residential
units. These
will units
vary will
between
soura
has successful
a big successful
commercial
sector with
a big
commercial
sector with
middle-range,
and community
touristic, touristic,
middle-range,
and community
housing housing
units. units. soura has
restaurants
and
clubs
that it is is why
it is an attrac-
services, services,
restaurants
and clubs
that
is why
an attrac-
tive
invest.
The of
people
of Mansoura
have a lot
to place
invest. to The
people
Mansoura
have a lot
In for
search
for answers
about
real market
estate market
in tive place
In search
answers
about the
real the
estate
in
of cash-flow
with they
which
they purchase
with which
purchase
units all units
over all over
Mansoura
and the how
new project
will the
affect the of cash-flow
Mansoura
and how
new the project
will affect
Egypt.
They
love to in invest
in real he
estate,”
he explains.
love
to invest
real estate,”
explains.
we to
spoke
Dr. Mohamed
Samy, Broker Egypt. They
business, business,
we spoke
Dr. to
Mohamed
Samy, Broker
Owner
of RE/MAX
Home Masters
in Mansoura.
Owner of
RE/MAX
Home Masters
in Mansoura.
real business
estate business
in Mansoura
quite different
The real The
estate
in Mansoura
is quite is
different
than
that of “In Cairo.
“In Mansoura,
real market
estate market
of Cairo.
Mansoura,
the real the
estate
real market
estate in
market
in Mansoura
is very interesting. than that
“The real “The
estate
Mansoura
is very interesting.
mainly on relies
on residential
towers are
which
are usually
residential
towers which
usually
Units
quite expensive
compared
to the
Units there
are there
quite are
expensive
compared
to the rest
of rest of mainly relies
purchased
with high
a very
high payment
down payment
compared
with a very
down
compared
the governorates.
Delta governorates.
This is because
expansions
are purchased
the Delta
This is because
expansions
are
Cairo more
where payment
more payment
are available.
facilities facilities
are available.
made vertically
not horizontally
which new
means
new units to Cairo to where
made vertically
not horizontally
which means
units
the hand,
other the
hand,
real market
estate market
other
real the
estate
in Cairo in is Cairo is
are floors
added to floors
to existing
Dr. explains.
Samy explains. On the On
are added
existing
towers,” towers,”
Dr. Samy
more diverse
with various
residential
units available
with various
residential
units available
The introduction
of New Mansoura
is also changing
the more diverse
The introduction
of New Mansoura
is also changing
the
as towers,
buildings,
compounds,
and villas.
towers,
buildings,
compounds,
and villas.
scene, “Before
new project,
the of
people
of Mansoura such as such
scene, “Before
the new the
project,
the people
Mansoura
Moreover,
are common.
more common.
In
payment payment
facilities facilities
are more
In
prefer investing
in the
cities surrounding
used to used
prefer to investing
in the cities
surrounding
it such it such Moreover,
Cairo, have
people
the of luxury
of purchasing
a unit with,
the have
luxury
purchasing
a unit with,
Ras or El Gamasa,
Bar or Gamasa,
even
New
or the New Cairo, people
as Ras El as Bar
or even or
New
Cairo
or Cairo
the New
for example,
a 10%
down payment
then the
paying the
for example,
a 10% down
payment
and then and
paying
Dr. Samy.
Capital,” Capital,”
says Dr. says
Samy.
rest on installments,”
Dr. Samy.
rest on installments,”
says Dr. says
Samy.
This of level
of activity,
is not
new to Mansoura.
This level
activity,
however, however,
is not new
to Mansoura.
the demand
for apartments
in residential
this, the this,
demand
for apartments
in residential
As with
most sales
places,
are during
higher the
during
the summer- Despite Despite
As with most
places,
are sales
higher
summer-
towers
is still Nevertheless,
great. Nevertheless,
is one thing
still great.
there is there
one thing
time. is “There
is continuous
in Mansoura.
And towers is
time. “There
continuous
activity activity
in Mansoura.
And
Mansoura
is still missing
is compounds.
is still missing
which is which
compounds.
“New “New
despite
high there
prices,
there
been
a lot of purchases Mansoura
despite the
high the
prices,
has
been has
a lot
of purchases
Mansoura
will be changing
that.
new project
is
will be changing
that. The
new The
project
is
people
are returning
from and
abroad and Mansoura
recently recently
because because
people are
returning
from abroad
6
expected
expected
to be to be
constructed
the of style of
constructed
in the in style
compounds.
However,
I still if think
if a
compounds.
However,
I still think
a
compound
built in
areas
to Mansoura,
compound
was built was
in areas
close
to close
Mansoura,
it will be it will be
very successful,”
very successful,”
he says. he says.
Such a dynamic
market
must
have influence
some influence
Such a dynamic
market must
have
some
on the on the
real business
estate business
in as
Egypt
as a whole.
This was
real estate
in Egypt
a whole.
This was
confirmed
by Dr. “There
Samy. are
“There
lot of people
confirmed
to us by to Dr. us Samy.
a lot are
of a people
who
work who
abroad
are originally
from Mansoura
and
who work
abroad
are who
originally
from Mansoura
and
when
they return,
they purchase
in Mansoura.
The
when they
return,
they purchase
units in units
Mansoura.
The
sell to will,
them 50%
will, of 50%
of the buy
time, buy
people people
who sell who
to them
the time,
properties
Cairo. Basically
the people
of Mansoura
properties
in Cairo. in Basically
the people
of Mansoura
purchase
Cairo,
the people
of the entire
purchase
units in units
Cairo, in and
the and
people
of the entire
Dakahleya
governorate
purchase
in Mansoura.”
Dakahleya
governorate
purchase
in Mansoura.”
With all With
this in
will be it interesting
to see how
all mind,
this in it mind,
will be interesting
to see how
the new the
project
will come
play.
“New
new project
will into
come
into
play. Mansoura
“New Mansoura
will not will
just not
be a just
summer
destination,
but a residential
be a summer
destination,
but a residential
city,” Dr. city,”
Samy Dr.
says.
“One
of “One
the ways
it will
change
the
Samy
says.
of the
ways
it will change
the
market market
is that is
the
people
used
to used
purchase
in
that
the who
people
who
to purchase
in
Cairo as Cairo
an investment
will now will purchase
in New in New
as an investment
now purchase
Mansoura…
most of most
the investors
from Mansoura
will
Mansoura…
of the investors
from Mansoura
will
now invest
New in
Mansoura,
of course
differs
now in invest
New Mansoura,
of this
course
this differs
depending
on the purpose
of purchasing.
The buyers
depending
on the purpose
of purchasing.
The buyers
looking looking
to purchase
a property
as a residence,
will
to purchase
a property
as a residence,
will
consider consider
Mansoura,
because
New
Mansoura
still
needs
Mansoura, because New Mansoura still needs
around 3-4
years 3-4
to years
be completed.”
On the other
hand,
around
to be completed.”
On the
other hand,
those wishing
to make to an make
investment
would consider
those wishing
an investment
would consider
the new the
project
their as
first their
choice
that the that the
new as
project
first “Specially
choice “Specially
new project
will
be
modern
in
style,
it
will
be
by built by
new project will be modern in style, it built
will be
the beach
buildings
like those
the with
beach tower-style
with tower-style
buildings
like of those of
Dubai, and
the and
investment
aspect will
be different.
It
Dubai,
the investment
aspect
will be different.
It
will create
new, wider
people,
offering offering
a
will a create
a new, space
wider for
space
for people,
a
different different
lifestyle lifestyle
from old from
Mansoura,”
says
Dr.
Samy.
old Mansoura,” says Dr. Samy.
What does
the does
future
for hold
Mansoura?
Only time
What
the hold
future
for Mansoura?
Only time
will tell, will
but tell,
for now,
it seems
is there
no stopping
this
but for
now, it there
seems
is no stopping
this
beautiful beautiful
Egyptian Egyptian
city from
expanding
and
city from expanding and
developing.
developing.
On investing
in Mansoura
as a Dr.
whole,
Samy
On investing
in Mansoura
as a whole,
Samy Dr. says
it is says it is
extremely
profitable.
one most
of the
most profitable
extremely
profitable.
“It is one “It of is the
profitable
types types
of investment,
especially
if the investor
is not
of investment,
especially
if the investor
is not close
to close
the to the
real business
estate business
and to
wants
to in invest
in something
real estate
and wants
invest
something
other
than Prices
banks. are
Prices
are rise
on in
the Mansoura.
rise in Mansoura.
other than
banks.
on the
Even Even
when are
things
slow, will
prices
stay
but go
do not go
when things
slow, are
prices
stay will
fixed
but fixed
do not
down. Anyone
will to prefer
invest
there, because
down. Anyone
will prefer
invest to there,
because
there is a there is a
clear demand
an active
and selling
clear demand
and an and active
buying buying
and selling
movement.”
movement.”
With
the prospect
of city,
a new people
city, people
always look
With the
prospect
of a new
always look
more upscale
According
to Dr. Samy,
forward forward
to more to
upscale
services. services.
According
to Dr. Samy,
“New Mansoura
have schools,
universities,
including
a
“New Mansoura
will have will
schools,
universities,
including
a
of Mansoura
University,
an
branch branch
of Mansoura
University,
medical medical
centers, centers,
an
industrial
and technological
Olympic Olympic
village, village,
industrial
and technological
zones, zones,
and
areas dedicated
to entertainment,
as well as
theatres theatres
and areas
dedicated
to entertainment,
as well as
Dr. Mohamed Samy
Broker Owner of RE/MAX Home Masters
7