The real estate sales of Talaat Moustafa Group (TMG) jumped by 95% to EGP 32.4bn during 2021, from 2020’s EGP 16.6bn.
The group’s real estate activity achieved revenues amounting to EGP 12.1bn, compared to 2020’s EGP 11.82bn — a growth rate of 2%.
In a statement, the company pointed out that the volume of sales was unprecedented in the real estate sector in Egypt, probably the highest in the modern history of Egypt.
Moreover, the unearned sales revenues amounted to EGP 63bn for about 14,500 units in 2021 that will be delivered within the next 5 years.
TMG’s Noor City project’s sales reached a record EGP 15bn within three weeks and EGP 18.5bn by the end of the year.
The company’s total hotel revenues amounted to about EGP 1.27bn, compared to the previous year’s EGP 622m, marking a growth of 104%.
The average occupancy rate also increased to 53.1%, up from 26.8%.
Service activities also achieved revenues of about EGP 1.97bn, up from 2020’s EGP 1.66bn —a growth rate of up to 19%.
Recently, the company launched an electronic sales platform that allowed the company to penetrate new markets remotely, coinciding with the launch of the Noor Project, which contributed to a noticeable increase in sales to reach EGP 2bn.