Egypt: SODIC’s contracted sales hit $90.2mln in Q1

Sixth of October Development and Investment Company (SODIC) has recorded gross contracted sales of EGP 2.78 billion in the first quarter (Q1) of 2023, down by 25.6% of EGP 3.74 billion in Q1 2022, according to an emailed press release on May 2nd.

The annual drop in sales was due to the limited launches in the three-month period ended March 31st, compared to the same quarter of 2022.

In the first three months of the year alone, SODIC sold 274 units, as contracted sales were driven by the robust demand for the company’s projects in both West and East Cairo.

Sales in West Cairo projects made up 52% of gross contracted sales, East Cairo projects accounted for 48% of sales.

The real estate developer delivered about 208 units in the three months to March 31st, of which 104 were in West Cairo projects, 103 in East Cairo projects, and one in North Coast projects.

Cancellations in Q1 2023 stood at EGP 579 million, representing 21% of the quarter’s gross contracted sales.