As 2024 draws to a close, Savills Egypt has marked a remarkable year, reinforcing its status as a transformative entity within the nation’s real estate sector. The company’s commitment to innovative approaches, strategic partnerships, and a relentless focus on value creation has enabled it to overcome challenges and implement significant changes across various market segments,Invest-Gate reports.
In the past year, Savills Egypt has successfully redefined underperforming assets and provided expert guidance on large-scale national initiatives, establishing itself as a reliable ally in an increasingly dynamic market.
The real estate landscape in Egypt saw considerable evolution in 2024, influenced by changing investor interests, a surge in the hospitality and tourism sectors, and a growing demand for experiential environments. The North Coast, particularly with the launch of the Ras El Hekma project, became increasingly appealing to both Egyptian and international buyers. Savills Egypt positioned itself at the forefront of these trends by harnessing its global expertise alongside local market insights, advising developers on creating properties that resonate with contemporary buyers and tenants while addressing economic challenges such as inflation and currency volatility.
One of the year’s highlights for Savills Egypt was the transformation of Majarrah, a flagship mixed-use development by Bonyan for Investment and Development. Savills implemented a comprehensive strategy to enhance foot traffic and occupancy, focusing on tenant repositioning, innovative marketing, and operational excellence. This approach led to a remarkable increase in occupancy from 54% to an impressive 92%, with annual foot traffic rising by 35%. Tenants also reported sales growth of up to 100% year-over-year.
The CEO of Bonyan for Investment and Development emphasized the positive impact of Savills on their operations: “We needed to be in good hands. Once we hired Savills, our operations improved, our occupancy rates increased, and our profitability rose.”
In addition, Savills Egypt facilitated record sales totaling EGP 17 billion for Qatari Diar Real Estate Investment Company. Their Building and Project Consultancy team also delivered cutting-edge office spaces for several multinational firms, including Bayer and Chevron, with Chevron’s Supply Chain Manager noting the efficiency and precision of Savills’ project management as crucial to staying on budget and on schedule.
Furthermore, following the expansion of Arkan Plaza in Sheikh Zayed, Savills achieved an impressive occupancy rate of 98.4%, with an average daily footfall exceeding 48,000, making it a leader among commercial projects in West Cairo.
Savills Egypt’s influence reached beyond individual projects, extending to initiatives of national significance. As part of a consortium led by the World Bank, the firm collaborated with the Sheikh Zayed City Council to repurpose underutilized land for local community benefit, aiming to create sustainable revenue streams and serving as a model for similar projects across Egypt, aligning with the nation’s Vision 2030 objectives.
Additionally, Savills partnered with the Administrative Capital for Urban Development (ACUD) through a consortium led by Dar El Handassa, offering strategic advisory services on large-scale urban developments designed to enhance the country’s infrastructure and economic prospects.
Even amidst macroeconomic challenges such as inflation and currency shifts, Savills Egypt continued to deliver value-oriented solutions to its clients. By adopting phased development approaches and innovative cost management strategies, the firm assisted clients in mitigating risks while achieving their objectives.
Moreover, Savills Egypt streamlined operations, optimized resource allocation, and embraced technology-driven solutions to maintain efficiency and effectiveness.