The country’s top 20 real estate developers saw their sales more than double in 2023 — to over EGP 700 bn — as investors flocked to the real estate market to hedge against a weakening EGP, Cairo-based consulting firm The Board Consulting said in a statement (pdf). Global inflation, high interest rates, and geopolitical tensions further grew the buyers' appetite, it said.

The year’s top sellers:

#1- Talaat Moustafa Group topped the list, with EGP 140 bn in sales, a 322% y-o-y increase.

#2- Mountain View came in second, with its sales almost doubling y-o-y toEGP 61.1 bn.

#3- Ora Developers + Palm Hills were tied for third, with sales of EGP 59.5 bn. Ora’s sales were up 207% y-o-y, meanwhile Palm Hills saw its sales rise 129% y-o-y.

#4- City Edge secured the fourth spot, doubling its sales to EGP 38 bn.

#5- Madinet Masr ranked fifth, recording sales of EGP 35 bn, up 212% y-o-y.

The most in-demand destinations: East Cairo was the most sought-after destination in 2023, driven by expansions in Mostakbal City and the new capital. It was followed by the North Coast, West Cairo, and the Red Sea.

What they said: “While there has been a significant increase in sales [value], the sales volumes did not experience the same level of appreciation,” Ahmed Nazmy, chairman of The Board Consulting, said. “Some top developers saw an average increase of 45% in sales volume, while their sales value increased on average by 150% … Conversely, some developers experienced an average decrease of 25% in sales volume, but their sales value increased by an average of 57%.”

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