Misr Italia Records Less-than-expected Sales of EGP300mn in 9 Months

Egypt’s real estate developer, Misr Italia Holding’s sales reached 300 million Egyptian pounds by end of September 2014, chairman Hany El Assal announced.

Such figures would not enable the company to achieve its targeted sales of around 600 million pounds by end of the current year, El Assal noted. He expected that Misr Italia would post a maximum of 400 million pounds only in sales by 2014-end.

Speaking to Amwal Al Ghad on Sunday, El Assal asserted that the Egyptian real estate market would restore its activity within the fourth quarter of 2014, on condition of receiving more support from the country’s authorities.

Misr Italia is currently working on the second phase of Moussa Coast project, on a space of two million metres.

Mousa Coast project is set to be built on a total space of 8 million metres, at estimated cost of around 10 million Egyptian pounds.

Misr Italia is a leading group in Egyptian real estate, touristic development and interior decoration market through its extraordinary marble projects since 1981.