Yassin Mansour, chairman of Palm Hills Development Co., says the company’s sales rose 22% in the first quarter, driven by a 54% increase in sales at the Badya development, Invest-Gate reports.

“Badya accounted for 35% of Palm Hills’ total sales last year, and this percentage is expected to increase in 2023,” Mansour reveals in an interview on the Kalima Akhera “Last Word” program on the ON E TV channel.

Sales at Palm Hills New Cairo surged 107% last year because of its proximity to the New Administrative Capital, while the Palm Hills Alexandria project also boosted the company’s sales, Mansour says. 

Demand for completed homes rose “greatly,” he adds.

“Citizens see that real estate is still a store of value, so demand real estate has increased, whether for housing or investment purposes,” Mansour comments.

Investors seeking to buy property to generate income have helped drive demand, as have buyers looking to resell units at a profit, the top executive notes.

Mansour announced EGP 32 bn ($1.036 bn) has been invested in the first two phases of Badya on 645 acres. 

The first phase cost EGP 12 bn and covers 368 acres, while the second phase cost EGP 20 bn pounds and covers 270 acres.

The investment also includes building Badya International University, schools, and a sports club.

Badya sits on 3,000 acres in New Cairo and includes 50,000 homes from apartments to villas as well as schools, the university and a sports club.