Egyptian property developer Misr Italia reiterates 2020 contractual sale target despite coronavirus

Egyptian real estate developers Misr Italia says it reiterates its target at 4 billion Egyptian pounds ($247.3 million) for its contractual sales in 2020 despite the coronavirus pandemic and its impact on the market.

The figure is what Misr Italia had set earlier this year, chief executive Mohamed Hany El Assal said on Tuesday, adding that the company decided not to change its target despite the challenges posed by the pandemic.

Though the pandemic crisis is affecting the real estate market in Egypt, Misr Italia has continued to promote its projects under its marketing strategy.

The company is committed within this year to deliver residential units in five projects, including La Nuova Vista, Garden 8, Cairo Business Park, IL Bosco in Egypt’s New Administrative Capital, and KAI Sokhna, El Assal told Amwal Al Ghad.

“We are taking all the necessary precautionary measures in the face of the coronavirus to protect the employees in the company’s administrative head office and work sites for ongoing projects.” El Assal said.