Madinet Masr announced achieving record-breaking sales, exceeding its annual goals for 2023 in just nine months of the same year, Invest-Gate reports.

The company has achieved an increase in its contracted sales for Q3 2023 surpassing the total sales of any previous year since its establishment, with expectations to hit over EGP 20 bn for the first time in its history.

The record-breaking achievements extended beyond sales volume to the rapid sale of over 2,400 units across various projects by Madinet Masr within short timeframes.

Elan project in Sarai, comprising more than 300 units across its first and second phases, was sold out completely shortly after its launch in May and June, reaching a total value of EGP 1.4 bn. Similarly, the Club Side project in Taj City, featuring over 1,200 units, achieved sales totaling EGP 6 bn, with the fourth phase selling out in just one month.

Notably, all units in the Kinda project were sold during the first nine months of 2023, generating EGP1.9 bn of sales. Furthermore, the first phase of the Rai project in Sarai recorded sales worth EGP2.9 bn, with a total of 350 units sold within six months.

Commenting on this achievement, Abdallah Sallam, President and CEO of Madinet Masr, said: “These record-breaking numbers not only demonstrate the resilience of the Egyptian real estate market and its capability to overcome challenges but also motivate us to set higher goals to solidify our leading position in the Egyptian real estate development market”.