Cairo, Egypt - Savills Egypt is closing 2024 on a high note, solidifying its reputation as a transformative force in the country’s real estate market. Through innovative strategies, impactful collaborations, and a relentless focus on creating value, the company has demonstrated its ability to navigate challenges and drive meaningful change across diverse sectors.

From redefining underperforming assets to advising on large-scale national projects, Savills Egypt has strengthened its position as a trusted partner in an ever-evolving market.

2024: A year defined by transformation and adaptation

The Egyptian real estate market in 2024 was shaped by shifting investor preferences, rising interest in the hospitality and tourism sector and demand for experiential spaces, as well as the increased attractiveness of the North Coast for local and international buyers, especially with the launch of the Ras El Hekma project. Savills Egypt was at the forefront of these trends by leveraging its global expertise and local insight, guiding developers in developing properties that resonate with modern buyers and tenants while addressing challenges such as inflation and currency fluctuations.

Transforming properties by unlocking potential

In a standout project for the year, Savills Egypt undertook the transformation of Majarrah, a flagship mixed-use property developed by SIAC Developments.

Savills introduced a comprehensive strategy to increase Majarrah’s footfall and occupancy rates by focusing on tenant repositioning, marketing innovation, and operational excellence. As a result, occupancy skyrocketed from 54% to an impressive 92%, footfall increased by 35% on an annual basis, and tenants reported up to 100% year-over-year sales growth.

“We needed to be in good hands,” CEO of SIAC Developments. “Once we hired Savills, our operations improved, our occupancy rates increased, and our profitability rose.”

Additionally, Savills Egypt facilitated record sales worth EGP 17 billion for Qatari Diar Real Estate Investment Company. 

Moreover, Savills’ Building and Project Consultancy team succeeded in creating state-of-the-art new offices for Bayer, Chevron, Informa, and Organon.

“Savills’ adept handling of the project ensured that we remained on budget and on schedule, a feat that is often challenging in such complex undertakings,” Chevron’s Supply Chain Manager for Egypt and Cyprus Manoji Thomas stated. This level of efficiency and precision is a testament to their unparalleled skills and experience in the field. Lastly, about two years after Arkan Plaza in Sheikh Zayed inaugurated a new extension, Savills Egypt secured an occupancy rate of 98.4% and an average daily footfall of over 48,000 people a day at the premise, recording the highest footfall in West Cairo’s commercial projects.

Shaping national development and urban revitalization

Savills Egypt’s influence extended beyond individual properties to projects of national importance. As part of a World Bank-led consortium, the firm collaborated with the Sheikh Zayed City Council to repurpose underutilized land plots for the benefit of local communities. The project is planned to generate sustainable revenue streams while also providing a blueprint for similar initiatives across Egypt, aligning closely with the country’s Vision 2030 goals.

Additionally, Savills worked with Administrative Capital for Urban Development (ACUD) through a consortium led by Dar El Handassa, providing strategic advisory services on large-scale urban development projects designed to enhance Egypt’s urban infrastructure and economic potential.

“2024 has been a year where our advisory capabilities have made a measurable difference,” said Catesby Langer-Paget, Head of Savills Egypt. “We are proud to have played a role in projects that will leave a lasting impact on Egypt’s real estate landscape.”

Innovating amid economic challenges

Despite facing macroeconomic headwinds such as inflation and currency fluctuations, Savills Egypt continued to deliver value-driven solutions for its clients. By employing phased development strategies and creative cost management practices, the firm helped clients mitigate risks while achieving their goals.

Moreover, Savills Egypt implemented measures to streamline operations, optimize resource allocation, and embrace technology-driven solutions.

Driving industry insights and dialogue

Savills Egypt emerged as a thought leader in 2024, fostering industry-wide discussions on critical trends and opportunities. The second edition of its flagship “Savills Retail Connect” event brought together over 100 industry leaders, exploring shifts in retail spaces and consumer preferences toward experiential developments.

The firm also played a pivotal role in a national workshop in partnership with the World Bank, sharing insights from the Sheikh Zayed Pilot Project to empower other municipalities with replicable models for success.

Investing in talent and community

A key driver of Savills Egypt’s success has been its people. The firm expanded its team to 170 professionals in 2024, with a significant focus on nurturing the next generation of talent. Through internships, Savills has laid the groundwork for a graduate program, offering holistic exposure across real estate disciplines

Looking Ahead to 2025

As Savills Egypt charts its path for 2025, the company plans to deepen its footprint in emerging sectors such as hospitality and logistics. By combining its global expertise with a nuanced understanding of local markets, Savills aims to lead the evolution of Egypt’s real estate sector while continuing to deliver measurable impact for its clients.

“Savills Egypt has transformed into a partner of progress,” said Langer-Paget. “As we look to the future, our focus remains on creating value, driving innovation, and fostering growth for all our stakeholders.”

What the real estate market has in store for 2025

In 2025, Savills anticipates a continued focus on leasing and property management advisory services, as clients seek expert guidance in optimizing their portfolios. The North Coast will remain a key area of interest, driven by developments such as Ras El Hekma, which continue to fuel demand in the region.

Retail spaces are expected to experience strong growth over the next two years, fueled by an increasing consumer preference for experiential and lifestyle-oriented environments. Developers will prioritize creating engaging, dynamic spaces that cater to evolving consumer behaviors, ensuring retail developments are not merely transactional but also immersive and memorable.

As Savills Egypt looks to the year ahead, it remains focused on tackling emerging challenges and leveraging its expertise to drive sustainable growth, foster meaningful collaborations, and contribute to Egypt’s evolving real estate landscape.

About Savills

Savills plc is a global real estate services provider listed on the London Stock Exchange. With a presence in the Middle East for over 40 years, Savills offers an extensive range of specialist advisory, management and transactional services across the United Arab Emirates, Oman, Bahrain, Egypt and Saudi Arabia.

Since its launch in 2019, Savills Egypt has quadrupled in size, with over 165 employees to date. Savills brings the Egyptian market a wide range of specialist services from financial and investment advice to valuation, planning, strategic consulting, executing and property management as well as marketing and corporate services. Savills Egypt is a consultant for the largest real estate developers across the country,

 For more information, please visit www.savills.com.eg.