Arabisk Real Estate Development Company acquired a piece of land of 30,000 square meters in the city of 6th of October, for the construction of a 30-building cumond.
During the coming period, the company depends on the diversity of its land portfolio for the establishment of integrated development projects, as the company proceeds to establish integrated compounds, said Dr. Abdel Hamid Al-Wazir, Head of Arabisk Real Estate Development Company and Chairman of the Support and Follow-up Committee of the New Cairo Developers Association.
He added that the company will announce other lands acquired in some new cities, to build projects on them to expand the real estate market, stressing that the real estate sector is one of the sectors that are the basis of the Egyptian economy, as the sector contributes to at least 20% of the GDP.
He noted that the project was planned to be launched by the beginning of next year, after completion of the feasibility study, architectural plans, and initial investments.
The real estate sector had achieved high sales in the first half of the year, despite the fact that real estate prices had risen by at least 25% of the total unit value owing to the global inflation crisis and the economic challenges facing the real estate market.