The real estate sector in Egypt recorded an unprecedented surge in sales during Q1 of 2024, marking the largest leap in the history of Egyptian real estate, Invest-Gate reports.

The sector achieved a 217% increase in sales compared to the Q1 2023.

The Board Consulting, specialized in analyzing the real estate market performance, issued its report indicating the rise in real estate sales in Egypt during the first quarter of this year amidst the crisis of the dollar shortage in markets and inflation surge.

Moreover, the report highlighted that markets began to stabilize in Egypt following the “Ras El Hekma” deal in Marsa Matrouh Governorate, announced by the United Arab Emirates for investment, alongside Egypt’s decision to liberalize the exchange rate and initiate the resolution of the dollar crisis, releasing goods and production supplies that were piled up in ports.

Furthermore, Q1 of 2024 witnessed sales worth EGP235 bn for the top ten companies in the Egyptian market, totaling 18,300 units, with a growth rate of 217% compared to Q1 2023.

The report also noted an unexpected surge in luxury and medium housing sales in Egypt by 70% compared to their sales volume in 2022, reaching a sales value of around EGP800 bn in 2023, compared to EGP476 bn in 2022, a 68% increase.

Over and above that, the report expects sales momentum to continue in the second quarter of the current year, especially with real estate development companies continuing to launch new phases and projects during the current and upcoming periods, anticipating significant activity in the North Coast region, which will witness the launch of several projects by major companies.

Notably, the top 10 real estate companies in the Egyptian market achieved total sales of EGP235 bn during the first quarter of the current year, with Talaat Moustafa Group topped the sales list with EGP63.5 bn.