With numerous projects launching in what seems to be an already-crowded property market, some companies still managed to close out Q2 2019 with growing numbers. But this was not the typical case as evidenced by a sample of the largest EGX-listed real estate companies by market cap. Leading property developers TMGH, OCDI, ORHD, and MNHD saw their aggregate pre-sales in Q2 2019 fall by 28% y/y to c.EGP11.7bn, which was widely expected due to spiraling prices, waning purchasing power, and a stagnant secondary market. Normalizing these figures by removing the fraction of sales made by new launches, they would reflect how limited actual buyers are and how interest in existing projects is fading.
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