Ahmed Ehab, member of the Real Estate Development and Contracting Committee of the Egyptian Businessmen Association and CEO of Madaar Development Company, stated that the North Coast witnessed a major launch for Madaar this summer through the Azha North project, Invest-Gate reports.

Azha North project on the North Coast is seen to be a strong impetus to increase sales in the region, given its area of up to 250 acres, in addition, water bodies and green spaces represent 86% of the total area of the project. Moreover, it contains the largest Crystal Lagoon on the North Coast and covers an area of 45 acres.

Ehab revealed that Madaar is one of the first companies to obtain the ministerial decree to implement the project and that it will begin delivering the project in 2026.

The 400-acre project enjoys a beachfront of 700 m. Madaar managed to develop 70% of the project, delivering 1,500 units out of 2,200 units. In addition, the company inaugurated a hotel and plans to open other four restaurants in the upcoming years.

According to recent market studies, Ehab highlighted that the north coast sales volumes increased by 20-25% in summer 2022, up from 5-7%. Moreover, the turnout of national, Arab, and foreign customers to own properties has increased.

At Cityscape 2023, Ehab commented that Madaar continues to work on its various projects in full swing. In addition to a newly launched phase, NAOS in Azha North Coast. NAOS has double-view units located directly on the sea, the lagoon, and at an altitude of 35 m above the level of the Mediterranean Sea.

As for the Azha Ain Sokhna project, Ehab explained that the company presented the LYRA II phase and other READY TO MOVE units in Azha Sokhna with different sizes. Madaar presented them at the Cityscape exhibition, with a 5% down payment, and installments over seven years.