Palmier Real Estate Investment and Project Management intends to launch a tourist resort in Marsa Matrouh located on an area of 10 feddans with investments estimated at $9 million, according to company chairperson Mohamed Abdel Aziz.
Abdel Aziz said that Marsa Matrouh is quite attractive for real estate investment, adding that the resort will include villas and chalets featuring some of the latest designs in the region.
The company has not yet received all of the required approvals from concerned authorities for obtaining the land. Once the company received the approval, the project’s first phase will be implemented within the following few months.
Abdel Aziz noted that the current period has witnessed an increase in the prices of residential units, at rates ranging between 30 per cent and 40 per cent, due to the increase in the price of the US dollar against the Egyptian pound.
The company’s chairperson predicted that prices of units will increase over the next three months by 100 per cent, as a result of increase in steel prices, which represents 60 per cent of the cost of real estate projects.
