This is

we do real estate like no one else

Give us a second, we are building your future home...

Almost there, hang tight!
Facebook Twitter WhatsApp Email

We have direct relations with the market’s top real-estate developers. Our network is our pride.

Click to browse

Driven by an experienced, young and innovative team Upswing continues to redefine the meaning of personalized service.

Our values are instilled in our work ethic. We take our clients' trust to heart and is why we believe in transparency and building a close relationship with our clients.

A compilation of real estate industry updates, accompanied by our own opinions based on our experience. Our insights are meant to be yet another benefit we provide our clients, helping them make the best investment decision.

Click to browse



An overview of the Real Estate Market in Egypt for the 1st Quarter of 2016
Brought to you by:

Our previous market overview had such great feedback that we've decided to officially make this a quarterly tradition.

Heading into Ramadan right before the summer vacation season, the UPSWING team thought we should give you a market overview of the 1st quarter of 2016. We understand that we're a little late but the Earning Releases were delayed.

6th of October City

- Palm Hills has been pretty busy this year! Golf Views and Golf Extension has been moving along full steam ahead. The latter being one of the best investments in the neighborhood in our opinion. In Golf Views we already see a resale market building up with a lot of units exchanging hands.

Both Golf Views Golf Views and Golf Extension are propelled as a strong future community by the existence of the Gezira Sporting Club literally a few steps away. That and the accessibility to the Mehwar and the desert road to the other side makes it a prime location.


Palm Hills isn't done yet, there's another exciting update; the launch of Palm Valley in the plot of land right off the 26th of july corridor. If you haven't already managed to snag one of the 237 units in total then this information might be a little useless to you now.

....If you're still wondering...they are Shehab Mazhar's new designs and they deliver in two years, yes TWO years. So this definitely is a great investment if you find a unit.

We say: Have any of you noticed that the brand new 5 star Steigenberger Hotel in 6th of October is practically built? What a location! Imagine the positive affect it's going to have on the area.

Cairo-Alex Road

- Pyramid Hills located on the Cairo-Alex desert road. This project brought to you by Naguib Sawiris and Nabil El Gohary has always been held in high regards due to the layout of phase 1 with some of the most beautiful villas in the country.

The one hold back was that the villas were too large and with that they came with a hefty price tag, but their beauty was undeniable. So, fast forward a few years, they are finally ready to launch phase two with fully finished apartments and town houses.

- SODIC had a fantastic year in 2015 and they're trying to replicate it this year. Almost all remaining Allegria units have been delivered and we see the resale market picking up again after a period of stagnation.


Forty West remains as one of the highest quality products in the area. The fully finished apartments with their services and amenities puts it on par with any quality residential building abroad. So successful that we haven't come across any resale units on the market; instead owners are opting to rent them out. The going rental rate for a 2 bedroom apartment in Forty West? $2500....

Forty West Phase 1 is sold out, but if you're looking to get your hands on one of these beautiful units, you'll have the chance with Phase 2 that's recently launched with a new surprise in store for buyers....there's a 7 year payment plan now.

SODIC aren't done with West Cairo, they've also launched a new phase in Courtyards with a 7 year plan. Courtyards is a great project but at a different level to Forty West.

We say: It's no secret that when investing in real estate one must think ahead into the future to really know their property's worth. So just to keep something in mind when investing in West Cairo, the new West Cairo airport is now functioning for charter flights and will expand to other flights. This adds huge value to properties in the area.

East Cairo

- Palm Hills Katameya Extension is being sold at a steady pace with phase 2 being launched during this year. The real jewel of Palm Hills is their Capital Gardens project, being driven by the fact that it's so ideally located for the new capital. The launch of phase 3 was no different in terms of success than the previous two phases; everybody seems to want to have their so-called "investment foot" in the door in preparation for the future demand in the area.

- SODIC has also launched new phases in their East Cairo projects, namely Villette and Eastown. The former going through a much needed design change (Thank you SODIC); the latter finding success at every launch.

Eastown Residences offers so much within a beautiful master plan. It's location and proximity to AUC is making it an easy choice for families looking to buy. These units are delivered semi-finished but if you're looking for fully finished apartments then SODIC also has you covered. The introduction of Eastown Terraces provides a handful of buildings with fully finished apartments that for the most part have amazing landscaped views.


Emaar launched within Uptown their new phase Fourteen Golf Residences with fully finished apartments located directly on the golf. This might seem like a very minor detail but for people that are familiar with the real estate market, it's actually the first time we've heard of apartment buildings directly on the golf.

We say: If you haven't heard this already then you've been out of the real estate market too long, East Cairo has endless potential with the expansion into New Cairo and towards the Suez Road. Every developer seems to be trying to get their hands on what land is left available for development in the area. There were some whispers of yet another military airport in the Katameya area getting ready to introduce civilian flights, but we can't confirm that of course.

North Coast

We know you're all dreaming of the sandy beaches and crystal clear waters, so we know you're excited about this part of the overview. So much to cover in our beloved Sahel.


- Almaza Bay; If any of you had any doubts of the capabilities of Travco Properties as developers and their construction, we suggest you take a drive to Almaza Bay and see what we've seen with our own eyes. These guys are moving at lightening speed; the Almaza Residences, aka phase 1, has been moving along so fast that our team speculates that they might even be able to deliver ahead of schedule. Their other phase, Beach Town, continues to sell with their smaller fully finished apartments, Town Homes and Town Villas.

Yes, yes, we can still hear you saying, "but it's just too far, where will we go next? Libya?".

We've heard it all. Our answer? No, you won't need to think about the future destination; Almaza Bay is meant to be a sustained destination for you and your next generation to enjoy for the years to come. Besides, people have been enjoying Marsa Matruh (located closer to Libya) for years and years, they're doing great.

- Hacienda White"has been selling well with units in phase 1 being delivered and phase 2 moving on nicely. A very active resale market has emerged for both Hacienda White and Hacienda Bay, with the better deals showing up in the latter due to a larger inventory.

- Caesar's Bay has the best beach by far, this is an undeniable fact. The original residents might have been a little sour when SODIC joined in but they will have to get used to it fast because they're just about ready to launch phase 2 this summer.

We say: Egyptians love the beach. There will always be a market for secondary homes on the coast. When deciding on where to buy, always think about the future, choose a place that your children and grandchildren can enjoy growing up; like the ol' days in Agami. Choose a project that has facilities and amenities, adding more value, rather than just being a compound.


Red Sea

- El Gouna has struggled in past, but there's no doubt that there has been a rejuvenation of ideas and energy in this destination. Last time we gave you an update, we were flaunting their most exciting phase yet, Joubal and Joubal Lagoons.

This time around is no different; once again they've launched some of the best products we've seen in a very long time with Fanadir Bay. We challenge you to find more beautiful villa designs than what they're offering in Fanadir Bay. They have moved on from the repetitive El Gouna designs and introduced newer sleek designs with an arabesque twist. Yes prices are still in dollars but payments are in Egyptian Pounds and they deliver in two years fully finished.

We say:If you love the Red Sea and a comfortable, secure, community then there really is no other melting pot like El Gouna. It's our little world famous town; yes you'd be surprised how many people have heard of the amazing El Gouna.

Market Performance

Palm Hills

- Q1 in 2016 was another record quarter for new sales

- The company recorded 2.2 Billion EGP in new sales, giving them a growth of 62% Year-on-Year

- West Cairo new sales stood at 1.2 billion EGP, 119% growth YoY, thanks to the launch of Palm Valley

- East Cairo new sales stood at 714 Million EGP, 39% growth YoY, mainly due to the new phases of Capital Gardens

- North coast new sales stood at 162 Million EGP, this of course due to the season; the true indicator will be as we near summer in Q2 and Q3

- Expectations of reaching 7 BIllion EGP in new sales this year in total

- PHD continues to deliver units steadily this quarter with 377 units delivered


- Q1 sales reached 673 Million EGP

- The launch of Courtyards and their 7 year payment plans contributed almost half of sales and another 26% being contributed by SODIC's East Cairo projects.

- Caesar's contributed around 13% of the total sales but we're sure that will change with their phase 2 launch this summer.

- 101 units were delivered in the first quarter compared to 108 units delivered same time last year

- Targeting 4.9 Billion in total sales this year and looking to deliver 935 units across 8 projects this year

*Travco Properties is a privately owned company therefore do not release their earnings

*Emaar, OHD, Porto did not release their earning reports in time for this quarterly overview.

We say: Developers seems to be adding to their land banks this year in preparation for expansions of current and future projects. This confidence shows that the real estate market is still going strong. For the property investor, choosing the right project and getting in early can see you make a pretty high profit margin. The main point we're trying to make is that everyone usually hesitates with when buying into new projects; if all the factors make sense and of course you have the financial means then you will be making a smart decision.

For questions in regards to project prices and availability please feel free to contact us at 01000052394 or

If you've enjoyed this overview, please let your voice be heard.

Thank you.

An overview of the Real Estate Market in Egypt for the 2nd and 3rd Quarter of 2016
Brought to you by:

This overview will be a little different. Due to the earning releases being continuously delayed, we have taken an executive decision to provide current context on developments while providing delayed financial data. If we continue to delay our overviews to accommodate the delayed earning releases you would always be one step behind with the current updates of developments.

So this time around we will be providing you with our market overview of Q2 and Q3 accompanied by the financial data of only Q2.

Nevertheless, let’s get started…

6th of October City

- Palm Hills remains the dominant player in this area of town, construction progress in Golf Extension has been moving along smoothly with more units being delivered and Zone A moving ahead from construction zone to a livable community.

In terms of resale, Golf Extension seems to be the popular choice with buyers opting for future investments as they continue to see the vision coming to life and with every area completed in construction adding more value.

Palm Valley Palm Valley also performed extremely well as Palm Hills began to see results from their earlier launch. In spite of the month of Ramadan slowing down real estate sales, they’ve managed to sell out a majority of their inventory.

Palm Hills are planning to finalize plans to co-develop 6000 feddans in West Cairo with New Urban Communities Authority (NUCA). More details to follow by the end of the year


- Guezira Plaza needs to be mentioned; we thought we would give a shout out to the commercial sector this time around as well. In case you weren’t aware of this yet, Guezira Plaza is quickly becoming the top location for commercial spaces. They are quickly racking up an impressive list of tenants that they’ve managed to attract, such as Izakaya, Casper and Gambini and Cairo Jazz Club to name a few. This area will quickly become a central focal point in the 6th of October community.

We say: There’s still a growing market in 6th of October, if you have the financial means, you could make a great investment here and it will pay off. The commercial opportunities in places like Guezira Plaza and Arkan are profitable; a growing community needs services and facilities.

Cairo-Alex Road

- SODIC , in our last overview was a shining example of a community being built on the desert road with high quality products. In the past two quarters they absolutely continue down that path. New launches in Courtyards and Forty West drove sales in 2nd quarter.

Forty West continues to be one of the highest quality products in the country and definitely in their area. Forty West phase 2 is continuing and building on the success of phase 1. The Forty West apartments continue to attract buyers that are looking to start a new life together and are able to rest easy that they are within a community that includes everything to provide a high standard of life including education, transportation and health.

Note: Apartments in Forty West are delivered fully finished, while Courtyard units are delivered semi-finished.


SODIC have also launched a couple more buildings in Polygon; if you’re not familiar with Polygon, it’s the business center located near the HUB and Forty West. Polygon is SODIC’s answer to the lack of quality office facilities in the area. These offices are proving to be attractive to major corporations, some of which of bought whole buildings, as well as doctors moving their clinics to the area. Other examples include Crossfit, taking a whole ground floor level in one of the buildings.

We say: We have to say that the quality of the offices, facilities and services provided in Polygon are pretty impressive compared to others in Egypt. We can see the advantage of having offices located within this community especially, doctors, lawyers, banks and retail outlets. They would be located right across from BISC and be positioned within an existing community, giving them access to an instant influx of business from residents.

East Cairo

- Palm Hills sales continue to be driven in the East by Palm Hills Katameya Extension and Capital Gardens but still coming in at second place compared to sales in the West. The developer continues to grow their portfolio in an area that has been said to play a center role in the future expansion of the city. Palm Hills will be co-developing with NUCA 500 feddans in the East to be launched in the fourth quarter of 2016

- SODIC sales have been reversely affected with their sales in the East taking a lead over sales in the West. Demand is high for their products in the East and that’s why a new phase will be launched end of September in Villette with phase 5.


Villette phase 5 is one of the most well thought out layouts we’ve seen in the East and we must say they’ve designed it with the homeowner in mind. It will boast large villas, medium villas, twin villas and townhouses. The phase will be set across from the clubhouse and will have an impressive 30 feddan of open landscape that the units will be facing. The large villas will be layed out along the perimeter of the open landscape, so other than your own garden, you will have an endless view unobstructed greenery ahead of you. The layout reminds us of Allegria in the West with a few improvements. All units are facing the landscape; they’ve provided wider spaces between the units and wider roads within the phase, proving to us that they have learnt from their mistakes in Allegria. They’ve also learned that it is to their advantage to start building the clubhouse immediately so that residents of phase 1 could start enjoying it, this was a major blunder in Allegria previously.

Note: Villette and Eastown Residences units are delivered semi-finished; if you’re looking for fully finished units have a look at Eastown Terraces.

We say: Expect Villette phase 5 to attract the likes of Katameya Heights, it offers the same type of surroundings. We expect to see a lot of newly married buyers, buyers for their children’s futures and for investment purposes.

North Coast

- Almaza Bay continues to amaze us this summer. They have created a cult like following of people that view it as a well kept secret paradise, a natural barrier from the chaos of East Sahel created by it’s distance away from the other projects. Like us I’m sure you’ve heard the reasons why people won’t buy in Almaza, “It’s too far away” and that’s just the way they like it. People that are not deterred by the distance are rewarded with this little paradise that they’ve created along the coast. It’s very simple, when you visit Almaza, the chaos of Sahel seems to just dwindle away while surrounded by friends and family on this pristine beach and everything seems to just get better. That’s exactly what people were faced with when Travco Properties organized their annual Almaza Bay Experience weekend this summer, inviting guests to spend a fun filled weekend with extraordinary events organized to just simply come and enjoy their hidden secret.


A grand ol’ time isn’t the only thing being offered by Almaza Bay, they’ve been busy with construction. Phase 1 is moving along nicely, a lot of residents have received their units and have moved in, the rest are expected to start receiving their units. The sheer demand in Almaza Bay has moved them to launch a new phase this summer.

The new phase is called, The Selection, it is located along side phase 1 on the beach but with various modifications. Firstly, the designs of the units have been altered and we love them. The villas have been put on higher elevations than phase 1, giving them even better panoramic views, foot friendly paths are spread all across the phase with improvements such as wider roads and spaces between units, more greenery and small details such as having access to your unit from both the main entrance and the garden area (think Hacienda). One of the most exciting additions to The Selection is the townhouse, which they previously didn’t offer, which seems to be a rarity within other projects. Naturally, prices tend to rise quickly as they sell out sections of their inventory; as always supply and demand.

SODIC Caesar’s have launched phase 2 but with a lack of inventory it may be difficult to still find available units. This might be irritating for some buyers but for others it may be seen as a positive note that the project will be made of limited units, containing a smaller community.

Hacienda has seen an exodus of residents selling their villas and chalets this summer. Everyone seems to be looking to the future and making that shift to the West regardless of which project they are choosing. Hacienda will always maintain its charm and continue to attract people, as it’s one of the oldest communities in the North Coast.


Hacienda White El Nada, the off-shoot of Hacienda has also seen a number of residents selling their units but definitely at a slower rate, this is because it’s a small community within a small community and we can see it’s charm.

- New Hacienda White from Palm Hills is also moving nicely with construction, phase 1 has residents that have moved in already and managed to enjoy their new houses this summer. Due to phase 1 practically being completed we’ve also seen the resale market pick up this summer, so much so that it will be hard to find a resale unit right now as a lot of them exchanged hands during the summer. The most popular units were the 3in1 chalets as they are limited in the project. All in all the project is shaping up nicely and it’s starting to look like the gem of the East side of the North Coast.


- Bianchi is another gem that is shining this summer. There really isn’t any need for big descriptive words when it comes to Bianchi; it is very simply one of the most pleasant places to be in the East side of the North Coast. It is that simplicity that attracts residents; a very well thought out layout and simply designed units. The facilities and services are logical to the needs of the residents; they have a clubhouse with a pool, restaurant and bar, a super market that provides for the residents with delivery, you can even get your car washed by simply calling a number. The beach might not be the most amazing colour but again it’s pleasant, everyone seems to be enjoying the people around them reminiscent of the Agami days; even the guy that sells lib is from Agami and somehow still remembers residents by name; his name is Ali.

Note: If you’re interested, they have launched Phase 2 recently.

Hacienda Bay continues to grow and attract. They are cursed by the fact that the revolution slowed down their construction therefore losing their head start to the new projects launching in the West. Nevertheless, it is still a quality project and once completed will host a great community. If you do want to find a great deal for buying a unit then Hacienda Bay is your place, there is a good amount of available units at attractive prices.

We say: Beware that just because residents of Hacienda are selling their villas does not mean that you will be able to snatch a villa for a bargain price. Remember that Hacienda is one of the oldest communities in the North Coast, which means that people have emotional attachments to their houses. Sellers with emotional attachments seem to always over price their units.


Red Sea

Life in El Gouna is still lively, just ask anyone that was there during Eid. Things are moving forward nicely with construction progress in most new phases, with the majority of units in Joubal visible on the way to the Marina.

It’s been awhile since we’ve givenSoma Bay some thought but we have to give them credit for the new phase they launched. They’ve launched the Bay West Villas; the reason this new phase is exciting is that it’s located on the beach next to the hotels, meaning there’s one of the most amazing swimmable beaches right on your doorstep. They’ve also made them very attractive with decent prices for convenient 2 and 3 bedroom villas. They made the decision to launch smaller villas to give the majority of buyers what they need, a conveniently sized unit to enjoy their vacations. The units will also be delivered fully finished with optional add-on built by the company such as the pool deck and the pool.

We say: El Gouna will always be the crown jewel of the Red Sea with a community that lives there all year round, which is a unique aspect in itself. Soma Bay is on the right track to compete with El Gouna and with these new unit types, we believe that they will find a lot of interested buyers.


  • We’ve been involved in many transactions recently regarding clients buying homes abroad. We can tell you that the 3 most popular markets right now for Egyptians have been Athens, Barcelona and London.
  • London is a great investment opportunity currently since the Brexit vote and prices decreased drastically. We all know that the London property market will not crash, so if you get your investment in now, you will enjoy an excellent price increase.
  • Athens has mainly been popular due to residency reasons; with an investment of 250,000 USD you would receive your golden visa.
  • Barcelona again is both a great investment due to rental yields and is also a very popular destination for buyers.

Note: Upswing actively sells properties in these destinations, so please do let us know if you're interested


Market Performance

Palm Hills

  • New sales for Q2 stood at 1.2 Billion EGP
  • 447 units were delivered, a 27% Year-on-Year growth, made up of 328 apartments and 119 stand alone villas
  • West Cairo contributed most to new sales, followed by East Cairo and North Coast
  • Revenues reached 1.1 Billion this quarter, a 46% increase on same time last year
  • Sales target for the year stands at 7 Billion EGP with a delivery target of 1,800 units

Source: PHD Q2 Earnings Release


  • Contracted sales for Q2 stood at 1.2 Billion EGP, a 90% increase over the same period last year
  • New sales were dominated by East Cairo projects, contributing 60% of total sales, West Cairo 34% and North Coast 6%
  • 201 units were delivered in Q2, an increase from last year’s 166 units
  • Revenues of 435 Million EGP compared to 301 million EGP same time last year

Source: SODIC Q2 Earnings Release

Madinet Nasr Housing & Development

  • Q2 revenues based on stand alone units reached 220 Million EGP, an increase of 47.9% Year-on-Year
  • Sales for Q2 reached 288.8 Million EGP, an increase of 26.1% Year on Year
  • An additional 83 units have been delivered in their Tag Sultan project and they are targeting to deliver a total of 450 units by the end of the year

Source: MNHD Q2 Earnings Release

JLL Report

  • Due to the devaluation of the Egyptian Pound, local investors are now encouraged to transfer their savings from banks to investing in property
  • Strong demand for off plan projects, due to perception of real estate being safe haven
  • Rental growth across all sectors in real estate is slowing compared to same time last year when growth was accelerating
  • In terms of the office market, central and West Cairo are the only two areas that have seen an increase in rent
  • Residential supply increased this quarter thanks to deliveries in Palm Parks, Village Gate, Mivida and Madinaty
  • Villa prices in 6th of October decreased at a slower rate compared to New Cairo, due to buyers wanting larger sized villas and the spending power of residents in 6th of October
  • Rental prices increased steadily in New Cairo compared to West Cairo, due to students and new employees that need location convenience
  • New buyers in East Cairo will be attracted by unit decreased affordability and the natural extension of the city to the East

Source: JLL Real Estate Overview Cairo

If you've enjoyed this overview, please let your voice be heard.

If you have any enquiry in regards to prices and availabilities for any of the projects please do get in contact with us.

Thank you,


An overview of the Real Estate Market in Egypt for the 4th Quarter of 2016
Brought to you by:

What’s on our mind? Same as everyone else; How will the devaluation of the EGP affect the Real Estate industry? The industry was shook up in Q4 2016 and therefore there is less to update you on. We’ll give you our usual run through all the updates and then discuss the devaluation.

Let’s get started…

6th of October City

In Q4, Palm Hills launched a new batch of town houses in the ever so popular Golf Extension. The demand for these town houses was a calculated anticipation on the developer’s part. They are located in a prime location within Zone C giving way to large open spaces of greenery and landscape between the blocks of town houses, unlike some of the earlier town houses that some saw as being too close for comfort from their neighbors across from them.

The demand was there; shown by the fact that they are now sold out, even after the 30% price increase after the currency devaluation.


We would like to also make a quick mention of the office space market in the area. Even though the top demand for office space is in New Cairo currently, there is still a demand within 6th of October. Of course this is driven parallel to the fact that more homes are being sold in the area and therefore residents are looking to find office space closer to home, whether it’s a primary or secondary office.

The business complex by Majarrah that consists of 17,000 sqm offering offices for both rent and sale. While the buildings have been constructed, they will probably be operation later in 2017. The fact that it’s already built and it’s location makes it prime for office tenants. We would keep an eye out for this project as we see it being a popular choice in the area.

- We say: Q4 has been a quiet quarter for developments but the good news is that there were a great number of unit deliveries in the area with the majority coming from Palm Parks. The slow quarter doesn’t mean you should count out investing in the area, it’s just adjusting to the current economy, as we all are.

Cairo-Alex Road

Have you been seeing these billboards all over the place?


- Well SODIC isn’t being shy about letting everyone know that they’ve broken records this year and we’re not even mad about it because the truth is, they have! They had an incredible year in 2016 as we’ve repeatedly mentioned in our previous overviews; they’ve basically sold out their inventory. You can still grab a couple of available units in the Polygon office buildings and in Eastown if you hurry up.

- We say: A lot of our clients come to us trying to sell their properties on the Cairo-Alex road further out passed SODIC. Hold on to those properties for now; the market hasn’t shifted yet that far out down the road. We believe that in a couple of years the dynamic and factors will change for that area and it will be more suitable for people to start moving that far out.

East Cairo

The big news on that side of Cairo is the fact that Palm Hills has launched a new project ideally named, Palm Hills New Cairo. Located next to Mountain View’s iCity, less than 5 minutes from the Suez road. The project consists of 500 feddan offering apartments, Twin Villas and Villas with some new types and designs being offered for the first time. Expect to see a lot more greenery and park areas as well. Delivery of phase 1 will be in 2021. We all know that the natural expansion of the area is heading towards the new capital city, so this would be a great investment especially since the government will be receiving tenders for land within the capital city in the coming weeks.


- SODIC – Remember our previous overview telling you about the anticipated launch of Villette phase 5? Well it’s now all sold out, it was a complete success as we thought it would.

- We say: People are still hesitant about investing in real estate purely based on the success of the new capital city. We believe that these new land tenders coming up for the capital city will put the public at ease that this is truly happening. If you haven’t had a chance to actually visit the new capital city, that might be a good idea, they’ve actually completed a whole lot working in the shadows. There are actual whole areas of buildings completed and much more infrastructure than we expected.

North Coast


- Almaza Bay sales have expectedly slowed down during Q4 in 2016 as buyers start to deal with the cold harsh reality of winter. Either way, Travco Properties need the downtime to process all the paperwork from their massive sales during the summer months of their new phase, The Selection. So the buyers that were lucky enough to grab some units at the starting prices, your contracts should be ready soon. Buyers that bought early on in Almaza Residences, we believe you might be enjoying your homes this summer. If you didn’t have the chance to go check out the construction progress you’ll be amazed of how far they’ve come. Sections of Almaza Residences are up and we can’t wait to see homeowners enjoying the community in Almaza next summer.

- Hacienda White by Palm Hills is quickly becoming the favourite choice in the resale market in the north Coast. It’ll be hard to find an available unit in Phase 1 but there are still some available resale units in Phase 2 and I’m sure by next summer people will be impressed and confused by how much the project has been developed.

Office and Retail Market

Most office rentals are quoted in USD and following the currency flotation has therefore resulted in an effective doubling of occupancy costs in EGP terms. In addition to increased rentals, companies also face increased imported raw materials prices and pressure to increase wages. Some landlords have subsequently agreed to exchange rate caps lower than the prevailing market rate, to mitigate increased costs on tenants.

Similar to the office market, retail rentals are typically quoted in USD, resulting in the doubling of rentals in EGP terms. Retail tenants are currently facing numerous obstacles such as import restrictions, increased prices of imported goods and reduced demand from consumers as a result of high levels of inflation. To try and alleviate some of the pressures on retail tenants, some mall developers have agreed to cap the exchange rate, whilst others have changed their quoting currency to EGP.

Source: JLL Real Estate Year In Review Cairo 2016

Future of the market

The real estate market is set to take a hit this year, we foresee a rough road ahead and we don’t expect the market to fully recover until the end of the year. Rising construction costs has caused the developers to raise prices by up to 30%, passing on the cost rise to the consumer. The price rise sent the market into a frenzy, consumers bought up all the remaining units on the market directly from the developers, fearing another impending price rise. This explains the success of the developers that we mentioned above.


The current prices are not sustainable and it might just be the wake up call that the market needs at this point. There will be a re-adjustment in the market, a much needed one; the developers will try to balance out the rising prices by providing more relaxed payment terms but it might not be enough to attract buyers to the market.

Of course, consumers abroad with foreign currency are in a power position. Properties have become 52% cheaper for them due to the EGP devaluation. So we expect to see an influx of buyers that have foreign currency but again this will not be enough to carry the market as the top consumers are in the local market.

The local market will depend on the re-sale market. Now, while we are aware that a lot of property owners re-evaluated their prices according to the devaluation and in some cases even doubled their asking prices; we still recommend that anyone that is still looking to buy property to focus on the re-sale market. For the past 3 years consumers have mainly been investing in Real Estate in record numbers; now that prices have risen drastically these property owners will now be able to take advantage to unload their portfolios on to the market, there will be a lot of turnaround in the re-sale market and this is where you will find the best deals below market price.

The argument is that the resale market requires a large sum payment from the buyer compared to installments over 7 years and therefore is not attractive enough. While we understand the attraction to locking down a current price from the developers before more price increases and paying over 7 years; it does not change the fact that once payments are completed you have still paid an inflated price for your property and therefore when you try to resell to make a return on your investment, the market will not treat you well as your property will be overpriced.


Due to the economic state and the rough times that real estate will be seeing we expect to see more aggressive competition in the brokerage pool as the large number of brokers fight for a smaller number of available clients. So it’s not surprising that we’ve been asked many times, “What makes UPSWING different from the hundreds of other brokerages and brokers out there?”. Now, you might expect that we had a generic response ready such as “We believe the client comes first”, but after being asked so many times, it really did start a conversation in our office; with tougher times coming ahead for home owners and buyers alike, we really needed to discuss what motivates us, why are we here doing what we do? Is it just about the money?


In a heated conversation within our office, we realized that everyone was heated up trying to express their favourite motivation for doing their job. Whether it’s the effort of truly being a full service brokerage by driving from Cairo to Almaza Bay 3 times in 2 days to tour the site with clients or flying with our clients to Athens, Barcelona and London all in one weekend to show apartments.

We love giving advice, we love even more proving that we’re right. Our job is to give our clients our honest professional opinions regarding the market and only allow them to make sound decisions that will see them receive a return on their investment. The true meaning of being a consultant is being able to say “No” to clients. It’s not about just making the sale blindly but it’s about gaging your client; is it financially plausible for this client to make this investment? Is there a chance that I’m wrong about this project’s success? If we can’t respond in the affirmative, then we cannot in good conscious give our recommendation.

These are the responsibilities that allow the big profits that we’ve gained for our clients as well as the even bigger losses we’ve saved our clients from incurring.

That is what makes us different.
That is why UPSWING does real estate like no one else.

*Please send us your re-sale requests and re-sale properties to :

Upswing has catapulted itself into the real estate market amongst some of the top heavyweight real estate firms in Egypt. UPSWING is your one-stop destination to a full range of real estate services.

− Click on the house to start exploring −