ODE achieves EGP6,2bn real estate sales in 9 months in 2021
Orascom Development Egypt logged EGP6,2 bn in real estate sales in the first nine months of 2021, up 43,4percentas compared with the same period last year.
ODE said in a statement that it managed to achieve EGP2.2bln sales, up 50.3% as compared with EGP1,5bln in the 3rd quarter of 2020.
Moreover, real estate sales in the first 9 months of 2021 recorded EGP6,2 bn, up 43.4% as compared with EGP 4.3bln in the same nine months of 2020. The upbeat results achieved in the 3rd quarter of 2021 shows off the supremacy of the company and indicates the utilization of the growing demand of the domestic market by means of the provision of real estate products aligning with needs of clients.
The company is cementing its foothold and preeminence in the real estate market
ODE added that it fared well at cementing its foothold in the real estate market, as it kept intact its implementation and growth rates even in the face of coronavirus-induced headwinds.
" All our property projects in all our sites were appreciated to a great deal, as we made use of visions and needs of clients to identify emerging trends in buyers' behaviors in the wake of the pandemic and thus create a plethora of products to meet their needs."
El Gouna reinforces its position as one of the most key destinations in Egypt
Orascom added that El Gouna continued to solidify its position as one of the most important destinations in Egypt, as El Gouna's net real estate sales jumped by 72,5 % to EGP5.05bln in the nine months of 2021, as compared with the nine months of 2020.
Real estate sales in Makady Heights maintained their positive and unprecedented growth rates, as they picked up 153,6% to EGP854.7bln in the nine months of 2021, up from EGP337mln in the same period last year.
Real estate sales at Makady Heights continued its upward unprecedented trajectory, as they rose 153.6% to EGP854,7mln in the nine months of 2021, up from EGP337mln in the same period last year.
As regards O West, the company said that its real estate sales rose 43,9% to EGP2,3bn in the nine months of 2021, up from EGP1,6bn in the nine months of 2020.
It’s noteworthy that the pickup in real estate sales is attributed to a corresponding increase in average prices per sqm in all sites, besides rising number of sold units.
Orascom added that demand for tourism sector started to pick up, with the rolling out of coronavirus vaccines starting to speed up and coronavirus-induced lockdowns to ease across the world.
The hospitality sector’s revenues continued to thrive in the 3rd quarter of 2021, as tourists “returned to our hotels and domestic bookings, on the top of meetings and local conferences, hiked, driving up occupancy rates.
According to estimates issued by the Egyptian government, occupancy rates at the Egyptian hotels rose to 70% since July4.
“Our hotels in El Gouna and Taba Heights have benefited from that surge in tourist numbers, as occupancy rates jumped to 37% in El Gouna and 10% in Taba Heights in the nine months of 2021.
Additionally, occupancy rates rose to 52% in 22% in Taba in the 3rd quarter of 2021.
On the other hand, charter flights from Germany and Eastern European countries started to come back to Egypt, with foreigners constituting 35% of occupancies in the 3rd quarter of 2021 in El Gouna.