20 Egypt’s developers record over $22.65bln in sales last year: The Board Consulting

20 Egypt’s developers record over $22.65bln in sales last year: The Board Consulting

Egypt - The Board Consulting has released its annual real estate report that showcased the exceptional accomplishments of 20 leading developers, who collectively achieved over EGP 700bn in sales. This remarkable achievement surpasses last year’s sales div of EGP 332bn, revealing the unwavering resilience and impressive growth of the real estate market, even amidst the numerous challenges faced throughout 2023.

The report attributes the remarkable surge in real estate sales to a combination of external and internal factors such as global inflation due to geopolitical conflicts and the rise in US interest rates. On the internal front, the price increases in Egypt created a sense of urgency and panic among individuals to purchase real estate as a means to sustain the value of their money.

Ahmed Zaki, Managing Director of The Board Consulting, said: “The 25% depreciation of the currency had a ‘Domino effect,’ resulting in increased inflation and economic uncertainty. This depreciation led to a rise in prices across various sectors, including real estate, causing individuals to scramble for secure and reliable investment opportunities.“

Zaki added that the global unrest and disruptions in commercial routes have greatly affected raw materials, especially construction steel prices which surged to EGP 55,000 per tonne in