Mountain View is at the forefront of Egypt’s real estate scene, offering developments that are human-centric. However, the company is not just aiming to create spaces that promote personal development and community engagement in Egypt.
While the country has a booming real estate market, many leading developers are keen to expand in other parts of the Middle East and North Africa (MENA) region. Mountain View, in particular, is looking to tap into Saudi Arabia’s real estate sector, which could be worth $69.51 billion by the end of the year.
In this interview, Amr Ismail Soliman, the Chairman of Mountain View, sheds light on how Mountain View's successful experience in Egypt can be adapted to meet the demands of the burgeoning Saudi market, aligning with the country’s Vision 2030 goals. He also provides his perspective on the trends and developments that investors should keep an eye on in Egypt's dynamic real estate market.
Mountain View has been a leader in innovative real estate development in Egypt. What are some key projects by Mountain View that have set new benchmarks in the Egyptian real estate market?
Our significant philosophy is to understand an individual’s needs, aspirations, and happiness. Mountain View is a human-centric company that values the human experience and believes in putting people at the centre of our efforts. Furthermore, we have curated a diverse portfolio of groundbreaking projects, introducing innovative concepts and engaging in high-profile collaborations.
This is why we launched “The Lighthouse” as a happiness enabler and a community development hub and solution to bridge this gap. We wanted to create a community space that promotes personal development, connections, and inspiration.
We also recently launched our new project “Plage,” encompassing 900 acres in Sidi Abd el Rahman, representing our commitment to setting new standards in the real estate market. This coastal living masterpiece promises to redefine exclusive living on the North Coast, offering a niche experience with unparalleled livability. Plage introduces the first sailing experience on the North Coast as well as diverse experiences, starting with the Greek Plage. We have expanded our pioneering efforts across the entire region, solidifying our leadership position in the Egyptian real estate market.
Another project is “Aliva” sprawling over 640 feddans, the largest and most vibrant community in Mostakbal City that thrives on constant interaction and connectivity, embodying the essence of being fully present in every moment of life. ALIVA boasts five engaging and immersive experiences across nine innovative designed parks, all operated by the Lighthouse, an experiential happiness destination and community development hub designed to activate the parks’ experiences and to let them come alive.
Given Mountain View's success in Egypt, how do you see these innovations being adapted or applied to potential projects or collaborations with other markets in MENA, like Saudi Arabia?
Mountain View is always seeking to explore new locations and bring our exceptional success in the real estate sector to other international markets with our distinctive and unique residential projects. Seeking to transfer our successful experience in developing comprehensive urban projects based on the science of happiness to other countries, aiming to lead the Egyptian real estate development sector.
The Saudi real estate market has a bright future and strong purchasing power. Furthermore, the Saudi market is experiencing significant urbanisation, particularly in major cities, and real estate investment is highly profitable.
What specific collaboration opportunities do you envision between Saudi Arabia and Egyptian developers on new real estate projects?
Egyptian real estate developers are considering expanding into regional markets, particularly Saudi Arabia, as the Kingdom of Saudi Arabia is witnessing a major boom in the housing and contracting sectors and an unprecedented urban renaissance.
Saudi Arabia’s real estate market is estimated to be worth $69.51 billion in 2024, rising to $101.62 billion by 2029. The Saudi market also enjoys attractive and appropriate investment opportunities. Mountain View’s expansion strategy contributes to the Kingdom’s 2030 goals of achieving a 70% ownership rate of residential units within the upcoming 10 years.
Looking ahead, what developments do you foresee in Egypt’s real estate market that investors should keep an eye on?
Regardless of the latest economic turbulences, we have found that real estate remains the most reliable investment stream for preserving the value of money. The Egyptian real estate market is dynamic, reflecting shifts in the country’s economy and ambitious urban development plans.
In 2024, there are both opportunities and challenges for investors, developers, and homebuyers. Exploring these opportunities will provide valuable insights for stakeholders navigating Egypt’s evolving real estate landscape. Egypt’s real estate market is becoming more appealing to foreign investors due to its strategic location and expanding economy.
The government has enacted policies aimed at simplifying procedures and offering incentives to make property investment more accessible to international buyers as the most significant projects in Egypt’s real estate market are the New Administrative Capital (NAC) and Ras Al-Hikma.
Amr Ismail Soliman is one of the panelists at the upcoming Cityscape Egypt 2024 Conference, one of the highlights of the country’s largest real estate exhibition.
Returning bigger and better this year, Cityscape Egypt’s 14th edition will be held from September 25th - 28th, 2024, at the Egypt International Exhibition Center. Discover the latest investment opportunities, gain insights from real estate leaders, and expand your network. Register now for free!
