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Headquartered in Cairo and listed on the Egyptian stock exchange, SODIC is one of the country's leading real estate developers with cumulative contracted sales of $1.7 billion and over 9,400 units sold. This year, SODIC continues its central role in tackling the country's ever-growing demand for high-quality housing by acquiring new plots of land. Magued Sherif, Managing Director of SODIC, explains SODIC's vision and founding principles of operation.
What is the largest trend driving Egypt's real estate market?
The real estate market is insufficiently supplied to meet population growth. For example, Egypt has a current real estate demand of 3 million units that grows by about 400,000 units annually. Meanwhile, private developers only provide 20,000 units a year. This ever-widening gap is the real driver of the real estate market.
"SODIC has developed over 6 million square meters of land and brought over 3 million square meters of built up area to the Egyptian market." |
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