Full Year
Newsletter
2024
This document is produced and owned by The Board Consulting, it is protected by the intellectual and trademark property rights of the Egyptian law.
No entities have the right to copy it without the prior written consent from its owners and the citation of The Board Consulting as the source of data.
We Are a Regional
Business Consultancy
guided by Commercial Commercial Corporate
Philosophy
Strategy Strategy
Consumer Brand
Insights Sustainable Strategy
The Board Consulting aims to be a catalyst for positive Growth
economic change. We believe knowledge is the with
Feasibility Healthy P&L Organizational
foundation of sustainable growth. By equipping
developers, manufacturers, and service providers with Study Development
essential information, we empower them to measure
performance and build effective strategies. Commercial Growth
Our goal is to share knowledge to evolve the market Due Diligence Strategy
and help developers make informed strategic decisions.
2024 Full Year Real Estate
Newsletter
We operate
across different
sectors
We bring unparalleled expertise and a
proven track record of success across a
broad spectrum of industries.
Real Estate FMCG Fashion and NGOs Hospitality
Education Private Equity Medical and Financial
Retail Industrial Institutions
2024 Full Year Real Estate
Newsletter
A PROVEN TRACK RECORD OF IMPACT
Across 4 100+ 12+ 150+
Regions Clients Industries Success Stories
With a presence in key regions,
we collaborate with EGYPT
international partners and
UAE
adapt to varying cultural and
business landscapes, ensuring KSA
innovative solutions and
exceptional value for our IRAQ
clients and communities.
2024 Full Year Real Estate
Newsletter
Preamble Before In tribute to the beautiful soul of our
We Start colleague Emad Hefny, who had a
pivotal role in issuing this newsletter.
This report is crafted with a passionate commitment
to sharing knowledge and contributing to the
advancement of the real estate sector.
All figures presented in this report are the result of thorough analysis
conducted by The Board Consulting team. They reflect The Board
Consulting's perspective, estimations, and forecasts of the real estate
market dynamics.
2024 Full Year Real Estate
Newsletter
The Tipping Point ...
New selling heights
2024 Real Estate Key Trends & Insights
Regional Expansion
High Pricing Forecast vs USD Expanding regionally is one of the most considered disciplines
By the beginning of 2024, most developers were by prominent real estate developers. It's not about KSA only;
pricing their costs based on USD, which reached 80 developers are considering UAE, Oman, and Iraq for their
LE; other developers calculated up to 92 LE for the regional expansion.
USD.
Very high rate of cancelations
The market witnessed very high cancelation rates that reached
more than 20BN to one of the big developers. The high
Purchase for Investment Riding The Scene cancelation rate is driven by speculators who create fake
Investment reasons drove more than 50% of real demand with low to no capacity to continue the installments.
estate transactions in 2024. Now, investors are
classified into long-term investors, short-term investors,
and speculators.
Fractional Sales – A New Era For Investment
Economic shifts and growing demand for smaller
New Trend Of Egyptians Investing Abroad investments have fueled the popularity of innovative
solutions like fractional ownership. This is also driven by the
Affluent Egyptians are having a growing interest in overseas
upper and middle class's strong interest in property
properties, particularly in the UAE, Greece, and Spain.
investment.
Comparable niche property prices have driven them to
diversify their portfolios and earn foreign currency revenue.
In-house Resale Department
With a surge in short-term investments, having an in-house
resale department is crucial. It helps maintain community
homogeneity and enhances control over the resale process.
Unpredictable Turnaround
2024 reached new selling heights, unexpectedly thriving amid several slowdowns.
Q1 Q2 Q3 Q4
2024 began with a panic Fortunately, the start of the Sahel Sahel maintained its strong sales The stability of the USD
purchase mode and heavy sales. season revitalized the market, momentum, while East and West Cairo exchange rate brought
driving unprecedented sales. saw a more moderate performance. economic stability to the country,
However, with the devaluation but paradoxically, it also
on the 6th of March, sales The announcement of the Ras El The overall market continued to be reduced buyer activity and
activities were put to a halt. Hekma development project dominated by Sahel's success. caused another slowdown.
further invigorated the market.
2024 Full Year Real Estate
Newsletter
2024 Real Estate Market Key Highlights
How was the Market Performing?
AB CLASS DEVELOPERS’ SALES PERFORMANCE YoY (2023 VS. 2024)
IN 2024 THE TOP SALES ACHIEVERS (21 developers) IN EGYPT ACCUMULATED 1,463 TR. EGP IN THEIR GROSS CONTRACTED SALES
WHICH IS MORE THAN THE DOUBLE SALES VALUE IN COMPARISON TO 2023
100%
1,400
701 Trillion
Billion
Top 21 Achievers’ Sales
2023 2024 2024 Full Year Real Estate
Newsletter
Chief Among Leaders! “1st Ranked”
TMG IS SOLIDIFYING ITS DOMINANCE AS A REGIONAL REAL ESTATE GIANT,DRIVEN BY UNMATCHED SALES PERFORMANCE
This year, TMG IS REMOVED FROM THE TOP 10 AND PRESENTED SEPARATELY TO REFLECT ITS
UNPRECEDENTED GROWTH AND UNMATCHED SUCCESS.
TMG's AGGRESSIVE EXPANSION AND STRONG DIVERSIFICATION STRATEGIES have fueled
sustained rapid growth and robust financial performance, MARKED BY RECORD-BREAKING
SOUTHMED SALES EXCEEDING 280 BN AND BANAN AT RIYADH EXCEEDING 70 BN EGP OF SALES.
Moreover, adding SEVEN ICONIC HOTELS SIGNIFICANTLY BOOSTS FOREIGN CURRENCY
REVENUES and fosters a strong hospitality sector legacy. These initiatives cement TMG's role as
2023 140 BN a dominant player in both local and regional real estate markets.
TMG's profit is GENERATED BY REAL ESTATE DEVELOPMENT AS WELL AS THE STRONG
2024 510 BN PERFORMANCE OF ITS STOCK VALUE. TMG has recently purchased 850,000 stocks because it
believes in the company's bright and expansive future.
YoY 264% Growth In 2025, the ambitious TMG will develop different new projects/payment plans to build on
and exceed the targets achieved in 2024.
Egypt Sales: 447 BN
Top 10 Ranking Developers in 2024
Top 10 Exceeding 1,170 BN EGP of Sales with 135% increase over last year, including TMG.
1' 2 3 4 N
5
150 BN 105 BN 77 BN 61.84 BN 50 BN
6 7 8 9 10
49 BN 47 BN 46 BN 45.9 BN 34 BN
2024 Full Year Real Estate
Newsletter
Developer’s Sales Analysis Top 10
Sales Performance 2024
The Egyptian real estate market in 2024 has experienced a significant surge in demand, primarily driven
by the announcement of Ras El Hekma development projects and the start of Sahel season.
2024
2023
+150% +72.1% +196.2% +3.3% +72.4% +63.3% +23.7% +31.4% +155.5% +126.7%
2024 Full Year Real Estate
Newsletter
Developer’s Sales Analysis
Top 10 Sales Performance
H1 vs. H2
H1 2024 H2 2024
18.3%
40% 41,2%
47.1%
56.3% 56.7% 53.5%
63.9% 61%
80.2%
81.7%
60% 58.8%
43.3% 52.9%
43.7% 36.1% 46.5%
39%
19.8%
2024 Full Year Real Estate
Newsletter
Top 20 Sales Ranking in 2024
1 1' 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
2024 Full Year Real Estate
Newsletter
Real Estate Brokers Running The Show
Brokers play a crucial role in the real estate market, acting as key influencers in shaping customers’ perceptions and
driving awareness of developers. In Egypt, the industry is dominated by over 8,000 brokerage firms.
Brokerage firms contributes with approximate 70-80% from most of the developers’ sales.
Here’s a closer look at some of the top-performing brokerage firms and their impact on the market in 20 24.
128.4 Bn. 79.2 Bn. 65 Bn. 51.3 Bn. 21.08 Bn. 19.1 Bn. 17 Bn.
4,000 + Sales 2,360 + Sales 750+ Sales 1500 + Sales 950 + Sales 900 + Sales 300 + Sales
Consultants Consultants Consultants Consultants Consultants Consultants Consultants
With the biggest muscles, Boldly expanding The only prop-tech real- The most experienced The vastly growing With almost 42 offices With A very unique
the address is considered relying on big number estate brokerage firm. with international brokerage affiliations REMAX is the only real culture, new avenue is
one of the biggest in the of sales calibers, heritage . with +65 firms in 4 years, franchise model, the most efficient, loyal
Middle East region becoming one of the 2024 was the expansion
red now reached more REMAX is unique in their and trained sales
most important brokers year for Nawy on all
The sales amount than 60 collaborations resale and governments consultants
fronts, keeping always
includes CB link and the reach
the tech differentiator
auctions
Let Us Have A Quick Reflection On 2025
2025
A Boiling Platform
2025 – Unprecedented Heights
Global Political Shifts & Uncertainty Interest Rate Cuts on the Horizon Real Estate Market Ignites with
Unprecedented Offers
Trump’s return to the global stage is stirring global The Central Bank of Egypt is poised to
uncertainty (war risks) with shifts in U.S. policy, implement a substantial 2% interest After a significant slowdown, the real estate
trade, and aid posing risks to Egypt’s economy, rate reduction, reaching 16% to 18% market is experiencing an unprecedented
investment climate, and currency stability. by the end of the year. surge (driven by exceptional promotional
As we move forward, it will be crucial for offers).Palm Hills Developments' 25th-
Egyptian policymakers and businesses to remain This move is expected to drive anniversary campaign ignited a buying
agile and prepared for various scenarios that investment, stimulate growth, and frenzy, resulting in an astounding EGP 40 billion
may unfold in the international arena. reshape market dynamics. sales within a month.
2024 Full Year Real Estate
Newsletter
2025 – Unprecedented Heights
Government-Led Expansion Untapped Potential in Egypt's Real Estate
The government is driving unprecedented real estate expansion, Market
igniting fierce competition among key regions.
While the domestic market is booming, there's still
Suez Road, Mostakbal City, Sixth Settlement, New Heliopolis, New significant room for growth on the international stage.
Kattameya, and the New Administrative Capital; now joined by Despite its rich potential, Egypt is capturing a mere 0.25%
the highly anticipated Seventh Settlement in New Cairo. of the global property export market.
Very high hopes are put on the new cabinet established
At the same time, West Cairo development surges in New Zayed, to promote real estate export.
Fayoum Road, and Jarayan, transforming these areas into prime
investment frontiers poised for remarkable growth.
2024 Full Year Real Estate
Newsletter
What’s Next?
Extended Payment Terms to Continue:
With the expected decrease in interest rates, developers will
continue to compete to get more share of the demand. It is
Ramadan AD Battle: expected to witness 15 years PP even in North Coast.
Celebrity-packed real estate ADs and exclusive offers will dominate
screens during Ramadan.
Sahel Season Starts Early:
New North Coast launches begin in February. As expected, the
Major Project Unveilings & New Market Entrants: launch of MODON in Ras EL Hekma will have new look and
feel to North Coast.
Flagship projects roll out to include (EMAAR at Mostakbal City, and
new players to enter the market.
Surging GCC Demand:
Increased interest from Gulf investors especially, in North coast.
• Small- and medium-sized developers at Risk:
Small and medium-sized developers won't be able to compete with the
elongated payment plans, so developers who are not cash-rich might face
difficulty continuing to fund their construction. We expect that few will be out of
the game.
2024 Full Year Real Estate
Newsletter
THE MARKET IS CHANGING FAST—GET THE DATA YOU NEED NOW
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The Report Includes:
• The real estate market from a macroeconomic perspective
• Market sales and growth analysis with historical reflections for the past 5 years
• 2024 sales ranking in detail
• Top 10 achievers zoom in
• Top market leaders deep dive with detailed sales figures and dissection
• Developers to watch out for (high-potential developers in the market)
• Regional split performance with a special focus on East, West, and North Coast
• 2025 foresight and expectation.
MAKE INFORMED DECISIONS. DOMINATE THE MARKET
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