The decline in the price of the pound in Egypt during 2022 – which has seen the local currency float – helped Egyptian Talaat Moustafa Group Holding Company, one of the country’s largest property developers, achieve record property sales during the last year.
The attractiveness of investments in real estate in Egypt increased following the depreciation of the pound during 2022, due to the measures taken by the Central Bank of Egypt to deal with the repercussions of the Russian-Ukrainian crisis, which put the bank under pressure balance of payments, with the exit of foreign investment from public debt instruments.
Talaat Moustafa Group told the Egyptian Stock Exchange on Monday that it had achieved record sales during the year 2022 of £33.2 billion ($1.34 billion), compared with £32.4 billion ($1.31 billion dollars) of the previous year, benefiting from the depreciation of the pound against the price of the dollar, which increased the attractiveness of investments in the real estate market in Egypt.
He added that the level of sales achieved during 2022 was higher than the company’s targets for the same year, which were between £24bn and £26bn.
The growth in Talaat Mostafa sales is due to the demand for commercial units and shops in the projects previously launched by the company, according to the company’s statement, which expected the level of demand to continue.
The real estate sector was among the sectors that contributed most to Egypt’s GDP during the past fiscal year 2021-2022 (July to June), according to the Egyptian Ministry of Planning.
Talaat Mostafa is a family business that has been in the real estate business for around 50 years. Among the company’s most notable projects in Cairo are Al Rehab City and the Madinaty project in eastern Cairo. The company also owns a group of hotels in Cairo and Sharm El Sheikh.
(Prepared by: Shaima Hefzy, Edited by: Maryam Abdel-Ghani, to communicate with zawya.arabic@lseg.com)
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