Orascom Development Egypt revealed that real estate sales grew by 32.3% during the fourth quarter of 2020 to reach 6.2 billion pounds, compared to 1.4 billion pounds in real estate sales during the fourth quarter of 2019.
The net real estate sales reached 6.2 billion pounds during 2020, compared to 6.9 billion pounds in 2019, and the company’s cash balance reached 2.1 billion pounds in 2020.
The company indicated that the real estate sales of the cities of El Gouna and Makadi Heights benefited from the extended residence of Prime Time Zone during the closing period, as the company has witnessed an increase in demand for real estate units since May 2020.
The company was able to take advantage of this turnout by promoting real estate offers to meet various needs and continue to enhance real estate sales.
The company said that El Gouna has continued to prove its position as one of the most important destinations in Egypt, as net real estate sales in El Gouna increased by 10.6% to reach 4.2 billion pounds during 2020, compared to 2.2 billion pounds in 2019.
Real estate sales in Makadi Heights continued to grow positively, registering an increase of 12.6% to reach 450.4 million pounds last year, compared to 400.1 million pounds in the year before last.
The article “Orascom Development” records EGP 6.2 billion real estate sales in the fourth quarter of 2020, it was written in Al-Borsa newspaper.