Egyptian property firm Palm Hills 2021 sales hit record

Egyptian property firm Palm Hills Developments said on Tuesday its sales reached an all-time high last year, beating the previously announced target.

New sales rose 35 percent year-on-year to 17.3 billion Egyptian pounds ($1.1 billion) at the end of 2021.
Sales growth was largely driven by the 82 percent year-on-year increase in number of units sold, which reached 3,350 units during 2021 compared with 1,840 units sold last year, complemented by the annual increase in average selling prices per sqm across all projects.

“During FY2021, Residential sales grew 41 percent YoY to record EGP15.3 billion, from which Badya accounted for 26 percent. New Sales in Badya stood at EGP4 billion in FY2021, a growth of 316 percent YoY, translating into 1,048 units sold, compared with 311 units sold during the comparative period. Commercial sales amounted to EGP2 billion in FY2021, an increase of 3 percent YoY.” the company said in a bourse filling.