Real estate company “cred” achieved total contractual sales of EGP 3.4 bn in 2023, CEO Ahmed Mansour said during an interview with Invest-Gate.

The company targets generating EGP 7 billion from sales in 2024 from “ever” project in West Cairo and “CLM” project in the New Administrative Capital, Mansour adds.

Mansour emphasizes the real estate companies’ impressive 25 percent increase in sales volume last year, attributing it to sustained demand from individuals for real estate and a growing demand from Gulf buyers, particularly in the North Coast region.

cred is planning to channel EGP 1.8 bn into construction investments in 2024 and increase that amount by EGP 2.5 bn in 2025, Mansour reveals.

He notes that foreigners accounted for 30 percent of the company’s sales in 2023, with substantial sales to Egyptian expats.

Last year, the company delivered 123 units out of 478 in the 1st phase of “CLM” project, and the rest of this phase is scheduled for delivery this year 2024, in addition to 150 units from the 2nd and 3rd phases, Mansour states.

The CEO discloses that expected sales from the “ever” project have substantially increased to EGP 32 bn, compared to the initial targets of EGP 15 bn at the project’s launch in mid-2022.

Mansour also addresses the pricing issue in Egypt’s real estate market, looking ahead, Mansour anticipates a rise in real estate prices in 2024 which will be determined by the movement in the exchange rate of the pound.