By Eman El Sherbiny

While land prices have risen recently, certain Egyptian areas have been expensive for a while. In fact, some historically expensive places like Mohandessin are falling behind in competition as other areas are becoming more expensive.

A myriad of elements have contributed to the rise in price of certain areas including high demand, lack of lands around these areas, and proximity to administrative and commercial buildings.

As the below list shows, the country’s most expensive areas are not the commonly associated areas with elevated prices.

1. The Jewish Alley

An ancient and authentic part of Egypt’s Old Cairo, the Jewish Alley lies near Al Mousky, a famous commercial neighborhood. Home to commercial properties and shops, land prices have surged in 2015 increasing by 25-50%, according to Al Borsa. The Jewish Alley is one of the most active commercial venues in Cairo

Prices depend mainly on location in respect to the proximity of main streets, and due to the high prices, some lands are being sold per centimeters, the alley even has shops that are only ten square meters.

According to local realtors, prices of shops overlooking Al Maqassis Street, one of the top main streets in the Jewish Alley and one that is famous for selling jewellery, start at EGP 225,000 per square meter. Other streets in the area, however, range in price between EGP 180 to EGP 200 per square meters.

2.    Yousry Ragheb Street, Assiut Governorate

Standing at EGP 130,000 per square meter, Yousry Ragheb Street, one of the most vibrant streets in Assiut, Upper Egypt, comes in second for the most expensive lands in the country. The street is quite famous for harboring state institutions, administrative buildings, and office spaces. Another reason for the price surge is the lack of spaces in vital areas of the city.

3.     Main Streets of Mansoura, Dakahlia

The city’s history and its charm, along with a central location in the Nile Delta might have abetted the rise of land costs. Prices have been climbing since 2014 and now reach EGP 100,000 per square meter in prominent areas such as Al Mashaya, Suez Canal, Al Geish, and Al Gomhouria Street, according to Youm7. It is worth noting that a local relater has explained that some buildings in these streets climb to EGP 140,000 per square meter in price.

Al Mashaya Street is famous for the modernized style, Nile views and lofty commercial and residential towers. Proximity to Mansoura University, sporting clubs, nice venues and restaurants in the street have all encouraged a surge in prices.

Suez Canal Street, on the other hand, is lined with administrative offices and tall buildings consisting of office spaces as well as residences.

4.      The Industrial Zones, New Damietta City

Prices in New Damietta City’s industrial zone were not far behind Mansoura in last year’s price surge, hitting the rate of EGP 130,000 per square meter.

The increase results from the lack of land lots in industrial zones, plus the huge demand on lands in the area, given its industrial and commercial activities, and the proximity to Damietta Port.

5.     Game’at El Dowal El Arabia Street, Mohandessin

One of the most lively main streets in Mohandessin, Giza has reached a rate of EGP 75,000 per square meter. Game’at El Dowal El Arabia Street is mainly dominated by upscale office and administrative buildings of major companies, as well as posh venues and high-end boutiques, both of which have contributed to the surge in property prices. Surrounding streets averages in price between EGP 40,000 to EGP 65,000.

Despite the correlation between supply and demand, these profiled areas shed light on how current views of vacant lands have drastically changed in the era of Egypt’s ever expanding urban communities. The shaping elements seem to change with time, but one thing is likely, land and property prices around administrative and commercial venues will not go into recession anytime soon.