Egyptian property developer gets 'buy' rating

[rossantony]

I heard on the wire that Citigroup have initiated coverage of the Egypt-based property developer Talaat Moustafa Group with a 'buy' rating.

TMG's current projects are exhibiting strong sales and price appreciation, said analyst David Spiez. 'Ageing housing stock and a rapidly growing, and young population results in increasing real estate demand,' analyst David Spiez said.

regards

 

[Alan Cockayne]

I heard on the wire that Citigroup have initiated coverage of the Egypt-based property developer Talaat Moustafa Group with a 'buy' rating.

TMG's current projects are exhibiting strong sales and price appreciation, said analyst David Spiez. 'Ageing housing stock and a rapidly growing, and young population results in increasing real estate demand,' analyst David Spiez said.

regards

Hi Ross.

This increase in demand is from Egyptian buyers, capitalising on their ability to raise Shariah loans and to get out of the poor housing in the cities, the AME report suggests. I also think they are enjoying spending profits from the tourism we generate.

It cannot be confused with sales from foreign investment who have choices to buy from competative locations all over the globe. But they don't have our coral-reefs, do they?

Alan.