SODIC halted its real estate sales in early 2023 in order to review its unit prices amid hiking construction costs. The company, of which 85.5% is owned by Aldar-ADQ consortium, has recorded total sales of EGP 2.78bn in the first quarter (1Q) of 2023, compared to EGP 3.74bn in the same period last year. The decline in sales during 1Q 2023 on an annual basis is due to the limited launch of new projects in 2023 compared to the same period of 2022, according to the financial results of the company in 1Q 2023. Following the acquisition, SODIC achieved EGP 21.3bn in development sales in 2022 which represents an 87% year on year growth. That performance has spilled over to 2023 with EGP 3.1bn recorded in sales and reservations in 1Q 2023, which shows the resilience and attractiveness of the real estate market in Egypt.

Source: Daily News Egypt May 08, 2023 20:41 UTC