Egypt - SODIC, a leading real estate developer in Egypt, announced that its sales in 2023 increased by 22% compared to the previous year.

The company also expects to achieve significant growth in its profits by the end of the year, as it accelerates its construction work, said Ayman Amer, the general manager of SODIC.

Amer made these remarks at a press conference during the Cityscape Egypt 2023 event. He praised Egypt’s potential for attracting more investment, especially in the real estate sector. He said that exporting Egyptian real estate to foreign buyers would help boost the availability of hard currency, and called for providing the necessary facilities to support the mortgage financing programme.

Amer also commented on the economic challenges facing the real estate sector due to the global situation and the rising cost of construction. He said that SODIC has been operating in the Egyptian market for 26 years and has adopted flexible policies that adapt to the changes in the market.

He added: “SODIC has a precautionary policy that allows it to cope with the fluctuations in the exchange rate and to price its units correctly. SODIC has achieved success in selling to foreigners, thanks to the advanced infrastructure that the state has developed.”

He said that SODIC anticipates its construction timetable as part of its precautionary policy, which helps it overcome the changes in the economic situation.

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