Financing Remains a Key Challenge for Egypt’s Real Estate Developers
Eng. Mostafa Mohsen, Chairman of Empire State Developments, said financing remains one of the key challenges facing real estate developers in Egypt, noting that most companies rely heavily on their own resources to acquire land, pay land installments, execute projects, and cover marketing and construction costs through to the delivery of units to customers.
Speaking to presenter Dina Abu El-Ela on the “Investment Gateway” TV program on the sidelines of his participation in the Golden Hub Real Estate Festival 2026 in New Alamein City, Mohsen said that expanding the financing options available to developers could contribute to accelerating project execution.
He added that addressing the financing challenge would significantly strengthen developers’ ability to increase construction and project completion rates.
Empire State Builds on More Than 25 Years of Industry Experience
Mohsen said Empire State Developments’ experience in real estate development is supported by more than 25 years of expertise in the contracting and finishing sectors.
He explained that his move into real estate development was driven by a desire to leverage his technical and engineering expertise to deliver differentiated real estate products that address customers’ needs and respond to changing market requirements.
The company began its development activities in the New Administrative Capital after initially entering the city in 2018 as a general contractor, undertaking construction and finishing works for a number of developers before moving into the development of its own projects.
El Centro Offers a Mixed-Use Concept in the New Administrative Capital
Empire State Developments has several projects in the New Administrative Capital, including El Centro, an administrative, commercial, and medical building located directly on Central Park in the Downtown area.
Mohsen said the project’s location was selected because of its strategic position in a central district surrounded by banks, ministries, and major business institutions.
El Centro comprises three basement levels designated for parking. The first three floors are allocated to commercial activities, while two floors are dedicated to medical activities, with the remaining floors designated for administrative uses, creating an integrated mixed-use development.
UPMOUNT Introduces a Different Residential Concept in R8
Following its commercial and administrative development activities, Empire State Developments expanded into residential development through UPMOUNT, a project located in the R8 district of the New Administrative Capital and spanning more than 21 feddans.
Mohsen explained that UPMOUNT aims to introduce a different residential concept centered on creating an integrated lifestyle for customers rather than simply providing a housing unit.
The project’s land permits a maximum building footprint of 22.5%. However, Empire State Developments chose to limit the footprint to 17% to maximize green and landscaped areas throughout the development.
The company also opted for lower building heights. Although the project’s license permits a ground floor plus eight floors, 60% of the development will feature a ground floor plus seven floors, while the remaining 40% will consist of a ground floor plus four floors.
“Empire State Builds Lifestyles, Not Buildings”
Mohsen said the company’s philosophy is encapsulated in the statement, “Empire State builds lifestyles, not buildings.”
He explained that the objective is to create an environment where customers can experience comfort and enjoyment throughout the development, from the moment they enter the project until they reach their homes.
According to Mohsen, this approach is reflected in the project’s planning, building heights, landscaped areas, and residential unit designs, with the company seeking to provide an integrated experience rather than focusing solely on the physical structure.
UPMOUNT Features Loft-Style Units and High Ceilings
One of the key features of UPMOUNT is its loft-style residential units, which draw inspiration from the high-ceiling architecture historically associated with areas such as Zamalek, Downtown Cairo, and Garden City.
Mohsen said the company adopted ceiling heights of up to 6 meters in some units, creating double-height spaces in reception areas. The units also feature panoramic glass façades designed to allow natural light and fresh air to enter the homes.
The project offers units ranging from 84 square meters to approximately 230 square meters. Mohsen noted that the loft concept provides a distinctive alternative to conventional residential layouts while enabling more efficient use of available space.
Empire State Targets a “Value-for-Money” Proposition
The chairman of Empire State Developments said the company aims to achieve a “value-for-money” proposition by leveraging its technical expertise in material selection and space optimization.
Rather than relying necessarily on the most expensive materials, the company focuses on using its technical and engineering capabilities to deliver a high-quality real estate product that provides customers with appropriate value for the price.
This approach, Mohsen said, is intended to ensure that Empire State delivers the right product for its target customer segment while maintaining a balance between quality, functionality, design, and cost.
Egypt’s Real Estate Market Enters an Exceptional Phase
Regarding the challenges facing the Egyptian real estate market, Mohsen said the sector is going through an exceptional phase as a result of the significant urban expansion Egypt has witnessed in recent years.
He estimated that Egypt’s built-up area has increased from around 5% of the country’s total area to approximately 14%.
According to Mohsen, this rapid urban expansion has contributed to the emergence of numerous new cities, real estate developments, and development companies, creating both significant opportunities and new challenges for companies operating in the Egyptian real estate sector.
For Empire State Developments, the company’s strategy is to capitalize on the opportunities created by this expansion while maintaining a steady approach to growth and focusing on delivering differentiated projects that match the needs of its target customers.
