Egyptian economy: Coronavirus hits real estate
- Date: 14-Oct-2020
- Source: Ahram
- Sector:Real Estate
- Country:Egypt
Egyptian economy: Coronavirus hits real estate
Throughout the Covid-19 crisis, the state has backed the hard-hit tourism sector with initiatives intended to alleviate the repercussions of the pandemic on this vital sector of the country's economy.
However, the real-estate sector has not received the same attention from the government, and the Central Bank of Egypt has not delayed the payment of sector debts or reduced interest payments on loans.
Palm Hills Developments, a leading upmarket real-estate development company, reported a reduction in sales to LE2 billion in the first six months of 2020, down from LE2.5 billion during the same period of 2019. The company's net profits went down from LE470.4 million to LE282 million during the same periods.
Talaat Moustafa Group Holding showed a 16 per cent decrease in profits to LE1.1 billion
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