Coldwell Banker expects to promote projects worth EGP 7 bn during 2017, compared to EGP 5.5 bn during 2016, reported Al Borsa.

The firm said it recorded EGP 5.5 bn in sales, divided between EGP 4 bn in sales from real estate developers, while EGP 1.5 bn came from the secondary market for individuals.

The 2016 sales revenues came from a variety of projects including commercial, residential, and touristic projects located in New Cairo, 6th of October City, Sheikh Zayed City, among others located on the North Coast. Sales recorded a 40% increase compared to the previous year, according to Coldwell Banker CEO Mohamed Abduallah.

According to Abdallah, the real estate market of Egypt saw a 20% decrease in Cairo compared to a 40% increase in the cosmopolitan’s suburbs namely 6th of October City, Sheikh Zayed City along with resort destinations including Ain El Sokhna, and North Coast.

Abduallah also expects a 30% market growth in the upcoming period, attracting new developers as a result of the recent economic changes, such as the pound’s flotation and the International Monetary Fund (IMF) loan.