Top 10 developers generate LE168B sales in H1 with 88% annual increase
The Board Consulting's latest half-year report has revealed an impressive surge in the real estate sector as the top 10 developers achieved a total sales figure of over LE 168 billion. This marks an 8 percent increase compared to the same period last year.
The driving force behind this growth can be attributed to the devaluation of the Egyptian pound against the US dollar, prompting individuals to secure their funds through more stable investment avenues, capitalizing on the potential for price appreciation.
Ahmed Zaki, Managing Director of The Board Consulting, shared his insights, stating, "The real estate market's resilience and adaptability amidst economic challenges, compounded by devaluation, is truly remarkable."
Zaki continued, "A surge in real estate investments is evident, particularly in the North Coast, offering the best return on investment (ROI) for rentals and expected post-purchase price hikes."
He concluded, "It's important to note that the LE 168 billion in sales for H1 2023 was distributed in the following order of priority: East Cairo, North Coast, and finally West Cairo."
Topping the list of Egypt's top 10 developers for the first half of 2023 is Talaat Mostafa Group, achieving an impressive LE 51 billion in sales. Notably, LE 21 billion was generated in Q1, with an additional LE 30 billion in Q2, surprising the market.
Ora, under Naguib Sawiris's leadership, maintained its second position for the second consecutive quarter, with a total sales value of LE 25 billion. Ora's premium niche projects, including Solana and SilverSands, significantly contributed to this success.