Record sales in 2023 – real estate developers secure LE 700B in sales

Egypt’s leading real estate developers earned a collective sales figure exceeding LE 700 billion in 2023, surpassing 2022’s total of LE 332 billion, according to a new report by the Board Consulting.

Topping the list of the most popular real estate locations was East Cairo, with the report pointing towards expansions in Al-Mostakbal City and the government's headquarters in new urban areas.

West Cairo experienced growth with over 70 residential projects sold in 2023, witnessing a surge in land acquisitions due to expansions in Sphinx City and New Zayed City.

The North Coast was reported as the “trendiest” and a sought-after second home destination, experiencing a surge of land acquisitions driven by high return on investment (ROI) and becoming a favored location for investors, according to the report.

The Red Sea region, including destinations like Makadi Bay, Soma Bay, and El-Gouna, witnessed significant development and “evolving into attractive ‘first home’ options”.

The report attributes the surge in real estate sales to multiple external and internal factors; global inflation, driven by geopolitical conflicts and rising US interest rates, as well as rising prices in Egypt which led to individuals investing in real estate to preserve the value of their money.

As for the top developers in 2023, Talaat Mostafa Group (TMG) topped the list with sales of LE 140 billion, driven exclusively by their projects in East Cairo without broker involvement.