Orascom Development records net real estate sales of LE6.2B in 2020

SourceEgypt Today
SectorReal Estate
CountryEgypt

Resort in El Gouna - Orascom Development Website CAIRO – 23 February 2021: Orascom Development Egypt (ODE) recorded  a 32.3 percent increase in real estate sales in Q4 2020.   It recorded net real estate sales of LE 1.8 billion during the fourth quarter of 2020, up from LE1.4 billion during the same quarter of 2019.   As for full 2020, ODE ended the year with net real estate sales of LE 6.2 billion, compared to LE 6.9 billion in 2019.   “In FY 2020 net sales reached LE 3.3 billion vs. LE 4.3 billion in FY 2019,” ODE stated.   The company clarified that it recorded a cash balance of LE 2.1 billon by the end of the year.   According to the company, El Gouna and Makadi Heights real estate sales benefited from the concentration of extended-stay from people during the lock-down.    “We witnessed an increase in demand on our real estate units since May 2020, and we ...read more...