Real estate companies achieve record sales in Egypt.. What is the reason?

A report issued by Z-Board Consulting for Business Consulting stated that the sales of 10 Egyptian real estate developers increased by 88% during the first half of the current year 2023 compared to the same period last year, with total sales exceeding 168 billion pounds.

The report indicated that one of the main reasons for the increase in sales is the depreciation of the pound, as everyone seeks to secure the current capital through more reliable investment options, while benefiting from the expected price rise in the future.

“It is interesting to see how the real estate market reacts to economic performance and continues to show remarkable resilience and adaptability despite the currency depreciation,” said Ahmed Zaki, CEO of Z-Board Consulting.

He added: "Investing in the real estate sector is the ideal choice for many, and the northern coast is the most attractive destination due to the high return on investment in comparison, as well as the high price of units after purchase."

Total sales 

Yasser Ezz Al-Arab, member of the Board of Directors of Z-Board Consulting, said: "The total sales in the North Coast last year amounted to 77 billion pounds, while sales in the North Coast are expected to range between 100 and 120 billion pounds by the end of this year."

Ahmed Nazmy, Chairman of the Board of Directors of Z-Board Consulting, stated, “Despite the great difference in the strategies of developers in terms of some being conservative in comparison, it was interesting that the North Coast led the huge sales through an unprecedented number of projects despite the economic challenges, This encouraged developers to acquire more land.

"Nazmi added: "The study also showed that the high cost of building materials led to an increase in prices by between 25 and 50%, which caused customers to buy in anticipation of future price increases."

"We noticed that focusing on the Gulf countries and the Kingdom of Saudi Arabia has become a major goal on the agenda of most developers," he said.

Best seller

Talaat Moustafa Group topped the contractual sales of real estate companies during the first half of 2023, with sales amounting to 51 billion pounds, including 21 billion pounds in the first quarter, and 30 billion pounds in the second quarter.

Naguib Sawiris' Aura company also maintained its second place for the second quarter in a row, with total sales of EGP 25 billion, supported by the "Solana" and "Silver Sands" projects.

 "Palm Hills" came in third place, with sales of 17 billion pounds from its projects in West Cairo and the new phases in the "Badia" projects. The strong brand, competitive prices and extended payment plans contributed to increasing its sales figures.

The Founders company, the alliance of “Al-Ahly Sabbour and Hyde Park”, was able to achieve 13.4 billion pounds in sales by providing ready-to-delivery units

The "City Edge" ready-to-handover projects in the New Capital and the recently launched "V40" project in New Cairo contributed significantly to its sales of EGP 13.3 billion and its ranking in fifth place.