{"id":607722,"date":"2023-10-09T00:00:00","date_gmt":"2023-10-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/09\/whats-up-in-the-real-estate-market\/"},"modified":"2023-10-09T00:00:00","modified_gmt":"2023-10-09T00:00:00","slug":"whats-up-in-the-real-estate-market","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/09\/whats-up-in-the-real-estate-market\/","title":{"rendered":"What\u2019s up in the real estate market?"},"content":{"rendered":"

Real estate developers are recording record sales figures in 2023 <\/strong> \u2014 fewer units are being sold, but they\u2019re going for much higher prices. Rising construction costs have prompted developers to jack up prices, and while they\u2019re finding fewer buyers in absolute terms, there are still plenty of would-be homeowners in the market with excess EGP looking for a hedge against future devaluation. <\/p>\n

Recently issued guidance from PHD and MMHD speak to the trend<\/strong>, and we also have a look at Heliopolis Housing, which has taken another step toward a land sale. <\/p>\n

PHD SALES SURGE- <\/strong><\/p>\n

Palm Hills sees 9M 2023 sales double y-o-y: <\/strong> Sales at EGX-listed real estate developer Palm Hills Developments surged to EGP 35 bn in 9M 2023 from EGP 17.5 bn during the same period last year, it said in a statement (pdf)<\/a> released Wednesday. The 100% jump in sales in the first nine months of the year has already exceeded the company\u2019s target for the whole year, the statement added. Palm Hills had already reported record sales in 1H 2023<\/a> on the back of price hikes..<\/p>\n

Palm Hills has its eyes on expansion: <\/strong>PHD acquired<\/a> a plot of land last week to expand its Palm Hills October project, which the company expects will generate EGP 85 bn in sales over a 5-7-year period.<\/p>\n

MADINET MASR EXPECTS RECORD SALES- <\/strong><\/p>\n

Madinet Masr is predicting a record EGP 20+ bn in sales by the end of 2023<\/strong>,the highest sales figures in the company\u2019s history, the EGX-listed real estate developer said in a press release (pdf)<\/a> last week. The company said gross contracted sales reached a record high in the first nine months of the year but didn\u2019t disclose the figure. In the first half of the year, the company\u2019s contracted sales rose 55% y-o-y<\/a> to hit EGP 5.3 bn.<\/p>\n

Madinet <\/strong> M <\/strong> asr <\/strong> is hiking its capex spend by two-thirds this year <\/strong>and will invest as much as EGP 3 bn<\/a> in Egypt this year, a EGP 1.2 bn increase on the year before. The real estate\u2019s expansions plans, including a new development this year in Assiut \u2014 its first project outside of Cairo \u2014 has been in part funded by an EGP 3 bn<\/a> securitization program it launched in 2022.<\/p>\n

HELIOPARK SALE GREENLIT- <\/strong> <\/p>\n

<\/strong> Heliopolis Housing green-lights NOSI\u2019s offer to acquire Heliopark <\/strong> : <\/strong> State-owned Heliopolis Housing and Development\u2019s (HHD) ordinary general assembly has approved the EGP 15 bn<\/a> offer placed by the state-owned National Organization for Social Ins. (NOSI) to buy 100% of the land allocated to the Heliopark project, the developer said in a bourse filing (pdf)<\/a> Saturday. <\/p>\n

Remember: <\/strong>NOSI submitted an offer for Heliopark over the summer<\/a> after HHD canceled<\/a> a partnership agreement to co-develop the project with Mountain View, citing economic conditions and rising land valuations.<\/p>\n","protected":false},"excerpt":{"rendered":"

Real estate developers are recording record sales figures in 2023 \u2014 fewer units are being sold, but they\u2019re going for much higher prices. Rising construction costs have prompted developers to jack up prices, and while they\u2019re finding fewer buyers in absolute terms, there are still plenty of would-be homeowners in the market with excess EGP […]<\/p>\n","protected":false},"author":1,"featured_media":607723,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7371],"tags":[72,3648,157,353,11504,354,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-607722","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-enterpriseam","tag-heliopark","tag-heliopolis-housing-and-development","tag-madinet-masr-for-housing-and-development","tag-national-organization-for-social-insurance","tag-palm-hills-developments","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"20998ac6-3132-4431-bb99-7003e1ce392a","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/9\/826.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian developers Palm Hills, MMHD are delivering record sales","related_issue":[607715],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.2a775436-ff84-4012-804c-cd0b5abd8916.mp3"},"yoast_head":"\nWhat\u2019s up in the real estate market? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/09\/whats-up-in-the-real-estate-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What\u2019s up in the real estate market?\" \/>\n<meta property=\"og:description\" content=\"Real estate developers are recording record sales figures in 2023 \u2014 fewer units are being sold, but they\u2019re going for much higher prices. Rising construction costs have prompted developers to jack up prices, and while they\u2019re finding fewer buyers in absolute terms, there are still plenty of would-be homeowners in the market with excess EGP […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/09\/whats-up-in-the-real-estate-market\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-09T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/826.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/09\/whats-up-in-the-real-estate-market\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/09\/whats-up-in-the-real-estate-market\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"What\u2019s up in the real estate market?\",\"datePublished\":\"2023-10-09T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/09\/whats-up-in-the-real-estate-market\/\"},\"wordCount\":455,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/09\/whats-up-in-the-real-estate-market\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/9\/826.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"Heliopark\",\"Heliopolis Housing and Development\",\"Madinet Masr for Housing and Development\",\"National Organization for Social Insurance\",\"Palm Hills Developments\",\"real estate\"],\"articleSection\":[\"Real estate\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/09\/whats-up-in-the-real-estate-market\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/10\/09\/whats-up-in-the-real-estate-market\/\",\"name\":\"What\u2019s up in the real estate market? 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Short of seeing a second wave of the pandemic, a rebound is likely by the end of the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/9\/173.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544529,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/housing-and-development-bank-palm-hills-report-rise-in-net-income\/","url_meta":{"origin":607722,"position":1},"title":"Housing and Development Bank, Palm Hills report rise in net income","author":"enterpriseam admin","date":"8 March 2022","format":false,"excerpt":"Housing and Development Bank\u2019s (HDB) net income rose 5% in 4Q 2021 to EGP 396 mn, according to the bank\u2019s latest earnings release (pdf). The bank reported net interest income of EGP 818 mn during the quarter, down almost 1% from 4Q 2020.In 2021: HDB reported EGP 1.8 bn in\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":646182,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/06\/07\/phd-records-egp-470-mn-in-new-sales-in-palm-valley-mall-palm-central-projects\/","url_meta":{"origin":607722,"position":2},"title":"PHD records EGP 470 mn in new sales in Palm Valley Mall, Palm Central projects","author":"enterpriseam admin","date":"7 June 2017","format":false,"excerpt":"Sales in Palm Hills Developments\u2019 Palm Valley Mall and Palm Central projects in West Cairo recorded EGP 470 mn since their launch in April, the company said (pdf). Palm Valley Mall\u2019s new sales reached EGP 360 mn and is set to be completed in 2019. EGP 110 mn came from\u2026","rel":"","context":"In "Real Estate + Housing"","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":652908,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/22\/phd-expects-revenues-to-rise-in-2017-sees-sector-stabilizing-within-three-quarters\/","url_meta":{"origin":607722,"position":3},"title":"PHD expects revenues to rise in 2017, sees sector stabilizing within three quarters","author":"enterpriseam admin","date":"22 January 2017","format":false,"excerpt":"Palm Hills Developments (PHD) expects a \u201cjump in sales\u201d in 2017, Chairman Yasseen Mansour told Bloomberg. PHD is targeting EGP 8.5 bn in contracted sales during the year and aims to deliver 2,000 homes. \u201cMany of the small developers that entered the industry since the uprising six years ago will\u2026","rel":"","context":"In "Real Estate + Housing"","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546945,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/palm-hills-net-income-rises-44-in-1q-2022\/","url_meta":{"origin":607722,"position":4},"title":"Palm Hills\u2019 net income rises 44% in 1Q 2022","author":"enterpriseam admin","date":"2 June 2022","format":false,"excerpt":"Palm Hills Developments\u2019 (PHD) bottom line surged 44% y-o-y in 1Q 2022, driven by a strong increase in sales, the real estate developer said in its latest earnings release (pdf). The company reported net income of EGP 295 mn, supported by a 47% increase in revenues which reached EGP 2.9\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546374,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/15\/msci-adds-efg-hermes-to-global-standard-index-e-finance-enters-small-cap-index\/","url_meta":{"origin":607722,"position":5},"title":"MSCI adds EFG Hermes to global standard index, e-Finance enters small-cap index","author":"enterpriseam admin","date":"15 May 2022","format":false,"excerpt":"MSCI tweaks Egyptian firms included in its global indices: EFG Hermes has been added to MSCI\u2019s standard equities index from its small cap index following its semi-annual review. E-payments giant Fawry has been moved from the standard index to the small-cap index, and is joined by state-owned fintech player E-finance,\u2026","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/607722","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=607722"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/607722\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/607715"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/607723"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=607722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=607722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=607722"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=607722"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=607722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}