Real estate developer Misr Italia Properties plans to invest EGP 11 bn this year to accelerate construction and executions rates across its all projects under development, CEO Mohamed El Assal said during a presser attended by EnterpriseAM last week. The company has already pumped EGP 5 bn into construction works since the beginning of the year and plans to invest another EGP 6 bn by the end of the year to fast-track project timelines.

The breakdown: The real estate developer earmarked EGP 1.5 bn for its EGP 30 bn North Coast development Solare in Ras El Hekma, El Assal said. The firm plans to begin delivering units to buyers within two years, he added.

The company launched the second phase of Solare — dubbed Olive Oasis — last week, offering villas, townhouses, twinhouses, and villas with direct lagoon access.

Some 10 bn will go towards developing 1k hotel units in Solare. “We paid special attention to the hospitality offering at Solare, which we view as a step toward providing an integrated real estate product that combines upscale residences with world-class hotel services, reinforcing Solare’s position as a major tourism and investment hub in the North Coast and beyond,” El Assal said.

Shifting consumer preferences restructures market demand: About 50% of Solare’s buyers are non-Egyptians, showing a shift in demand patterns for local real estate this year, El Assal said. Over the past three years real estate purchases were mainly for investment and savings, he added, mirroring recent findings from an Aqarmap report on market trends.

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