Egypt’s real estate market booming proven by Talat Moustafa sales: CEO

The Egyptian real estate market does not face a slump in sales which is proven by Talaat Moustafa Group’s business results last year, according to chief executive Hisham Talat Moustafa.

TMG company has achieved contractual sales of 4.1 billion Egyptian pounds through its projects since January 2019, which is within the objectives of the company increase its contractual sales by the end of current year to 24 billion pounds compared to 21.5 billion pounds by the end of 2018, Moustafa clarified.

He further noted the real problem is limited to Lack of convergence between supply and demand.

Moustafa added on the side lines of The Cityscape Egypt Conference that there is no either a real estate bubble or recession the Egyptian real estate market,  rather there is not a long term financing mechanism to connect the supply with the demand.

Earlier, Mouastafa has proposed creating a fund to support the interest of the mortgage  in the local market which relies on its revenues on a percentage from all the companies operating in the market including  developers and building materials companies, in order to vitalise the market and increase sales of companies.