Egyptian Resorts sees demand rising
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Egyptian Resorts sees demand rising

Egyptian Resorts sees demand rising

Real estate firm Egyptian Resorts has said it has sold a plot of land on the Red Sea for $13.3m, marking its first sale in over a year and signalling renewed interest in Egyptian property, Reuters has reported. The firm, which makes most of its money selling land to developers, sold 44,354 square metres at $300 per square metre to a Saudi investor planning to build a high-end hotel. The sale price was the company's first since the third quarter of 2008.

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