SKY AD. Developments, the real estate arm of the Emirati Diamond Group in Egypt, has achieved sales of EGP 3.8bn since the beginning of 2024, with EGP 3.7bn of those sales coming from the Bluetree project in New Cairo, according to Chief Commercial Officer (CCO) Mostafa Salah.
Salah said that SKY AD. Developments, the real estate arm of the Emirati Diamond Group in Egypt, continues to achieve strong sales thanks to its distinctive designs and flexible payment plans, which attract many customers and match their purchasing power. Additionally, the diverse real estate products meet their needs.
He added that the company is developing the Bluetree project in New Cairo, a fully integrated residential project spanning 50 feddans with an investment of EGP 8bn. This is the company’s third project in the Egyptian real estate market.
Salah explained that SKY AD. Developments has launched three real estate projects in the Egyptian market: theResidence Eight project, the Capital Avenue project in the R8 area at New Administrative Capital, and the Bluetree project in New Cairo. He added that the company is investing around EGP 12bn in its projects in the Egyptian market, in both the New Administrative Capital and New Cairo, as part of a larger investment package totalling EGP 15bn.
Salah clarified that the company’s plan for 2025 focuses on expanding in the Egyptian market by enhancing its project portfolio and developing new areas such as the North Coast and West Cairo.
“The company aims to launch new residential and commercial projects that meet the needs of the growing real estate market, with a focus on providing luxury units suited to both local and international investors,” Salah said. “Additionally, the company plans to increase its land portfolio to boost investments in strategic locations.”
He pointed out that the company enjoys a large customer base of Egyptians working abroad, in addition to foreign investors. Sales to these customers represent a significant portion of total sales, especially given their increasing interest in investing in luxury real estate in Egypt.
Salah added that the company will participate in Cityscape 2024—the largest and most important real estate exhibition in Egypt and Africa—held from September 25 to 28 at the Egypt International Exhibition Center. This will be the second consecutive year of participation. At the Cityscape exhibition, the company will offer visitors a 0% down payment and instalment plans of up to 9 years. This aligns with the company’s strategy of participating in both domestic and international exhibitions to enhance communication with customers, offering them options that suit their needs, whether they are looking to buy residential units designed and executed to the highest quality standards or seeking secure real estate investments with high returns.
He underscored that the Egyptian real estate market holds a special appeal for this category of customers due to the high investment returns compared to other markets.
Salah also said that SKY AD. Developments primarily relies on self-financing to execute its projects and has not depended on any bank loans so far. This strategy reflects the company’s financial strength and confidence in the Egyptian market, allowing for greater freedom in choosing its projects.
“The company is always evaluating available financing opportunities to ensure continuous growth and expansion in its real estate projects in Egypt,” he said.
The company’s CCO revealed that the company is currently seeking to expand its presence in the North Coast area, mentioning that there are active negotiations to acquire new land for developing distinguished residential and tourist projects.
“The North Coast area represents a significant investment opportunity for the company, especially with the increasing demand for luxury units and coastal resorts,” he said. “However, we are carefully evaluating opportunities to ensure that we secure a deal that aligns with our clients’ expectations and adds value to our real estate portfolio.”
He pointed out that no new land contracts have been signed yet, but the company is in the advanced stages of negotiations to acquire land in strategic areas, especially in the North Coast and West Cairo.
Salah predicted that the Egyptian real estate sector will experience a recovery in the second half of 2024, with continued growth in sales for real estate companies. This is particularly due to the government’s focus on developing more new cities and offering incentives to investors, which in turn encourages demand for real estate units, especially in major projects like the New Administrative Capital and the North Coast, thanks to the increasing demand for luxury residential, commercial, and administrative units.
He also anticipated an increase in real estate prices by the end of the year, due to rising construction costs and raw material prices. The increase is expected to range between 10% and 15%, aligning with current market trends in Egypt.
