Real estate slowdown? What real estate slowdown? For some months now, conventional wisdom has held that the top end of the real estate market has looked choppy as analysts have pointed to easier sales terms including low (or no) down payments and longer payment terms. But sales at eight listed real estate developers surged 44% in the first nine months of this year to EGP 40.9 bn, Shuaa Capital said in a research note out yesterday. (Note that this is talking about contracted sales, not recognized revenues — developers typically book revenues only when contracted units are handed over to buyers and / or paid for in full.)

Leading the pack was Talaat Moustafa Group, which saw sales nearly double to EGP 18.3 bn in 9M18 thanks to its Celia project in the new administrative capital. PHD delivered 21% sales growth.

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