Coldwell Banker Egypt – New Homes for Investment and Real Estate Marketing has achieved profits worth of EGP 6 bn in 2016, making a EGP 2.2 bn increase compared to that of last year, reported Al Borsa.

New Homes made a profit of  EGP 5 bn of the sales for selling 2,500 homes in the residential sector.  Coldwell Banker profited EGP 1 bn by selling 250 units in the administrative and commercial sector, according to Board Member Khaled Bahig.

“The amount of offered projects and the purchasing power are two factors that will determine the sales in 2017,” he noted.

Bahig has also stated that the market is currently witnessing an increased demand for residential units and predicts the same to happen in areas like Ain El Sokhna and New Cairo in 2017, reported Arab Finance.