Hurghada Property Market 2024: A Year of Recovery and Record Foreign Inflows
Looking back at 2024, Hurghada's real estate market staged a strong recovery from global headwinds, with foreign buyer transactions rising 40% year-on-year and prices firming across all segments.
The 2024 calendar year marked a decisive turning point for Hurghada's real estate market. After a turbulent 2023 characterised by currency volatility and global economic uncertainty, 2024 delivered a broad-based recovery that re-established the Red Sea city as one of Egypt's most attractive property investment destinations.
Key Figures
Total real estate transactions in Hurghada reached approximately EGP 38 billion in 2024, up 32% from the previous year. Foreign buyer transactions more than doubled in the second half of the year, driven by European buyers taking advantage of the weakened Egyptian pound. Average residential prices rose 18-22% across the city, with beachfront and off-plan properties leading gains.
New project launches totalled 14 major developments, adding over 3,500 units to the pipeline. The most active developers included Orascom Development, Sama Developments, and a wave of new entrants targeting the mid-market segment.
Drivers of Recovery
The EGP floatation in March 2024 was the single most important event for the real estate market. Foreign buyers saw their purchasing power increase by 40-60% overnight, triggering a surge of inquiries and transactions from European, Russian, and Gulf buyers. The Central Bank of Egypt's subsequent interest rate hikes, while challenging for local mortgage borrowers, further incentivised cash-based foreign investment.
“2024 was the year foreign capital discovered Hurghada in earnest. The currency realignment made Egyptian coastal property some of the best value in the Mediterranean region, and buyers acted quickly.”
— Market analyst, The Home Development
Tourism as a Catalyst
Tourist arrivals in Hurghada exceeded 5.2 million in 2024, approaching pre-pandemic records. The sustained tourism recovery underpinned strong short-term rental performance, with average occupancy rates of 65% and nightly rates that made buy-to-let economics increasingly attractive.
Looking ahead to 2025, market participants expressed cautious optimism, expecting continued price growth of 12-18% as infrastructure projects and new development activity gathered pace.
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