Soma Bay CEO: EGP 80,000 per Square Meter is Unrealistic – Fair Minimum Price Should Be EGP 100,000
Speaking on the second day of Cityscape Egypt 2025, Ibrahim El Missiri, CEO of Abu Soma Development – Soma Bay, stressed that real estate pricing in Egypt must be based on transparent benchmarks that reflect true costs and genuine demand.
El Missiri cautioned buyers against purchasing units priced below EGP 80,000 per square meter, stating that the fair minimum price for fully finished units is EGP 100,000 per square meter, in line with cost and return calculations.
“This price point is not just an estimate,” he said, “but a direct outcome of rising construction and finishing costs, as well as the added value delivered by serious and financially solid developers. A developer’s expertise and financial strength remain critical indicators of security and reliability for both investors and buyers.”
Highlighting the Red Sea’s growing appeal, El Missiri revealed that property prices in the region have surged by more than 40% in recent months, driven by sustained demand. He emphasized the area’s unique investment advantage: units can be rented year-round, not only during peak tourist seasons, ensuring stronger returns.
Looking ahead, Soma Bay plans to expand its hospitality portfolio from 1,400 to 3,000 hotel rooms over the next three years, further consolidating the Red Sea’s position as a premier integrated tourism and real estate destination attracting both local and international investors.
El Missiri concluded by noting that Egypt’s real estate market is undergoing an unprecedented maturity phase, supported by a diverse range of investment destinations, from the New Administrative Capital and Ras El Hekma to the Red Sea and Upper Egypt. “This reflects strong growth dynamics that reinforce Egypt’s ability to compete both regionally and globally,” he affirmed.