THERE’S NO BUBBLE in the real estate sector in Egypt, SODIC Managing Director Magued Sherif, Managing Director told Al Borsa in an interview. He says developers have even been trying to swallow the rising costs of projects to keep market prices stable, emphasizing that Egypt’s real estate market depends entirely on “cash, not mortgage financing.” Sherif adds that SODIC is in the final stages of negotiations to obtain a plot of land on the Red Sea and is considering additional land acquisitions on the North Coast. A potential residential project near the company’s headquarters is also in the works, with Sherif adding that the firm will launch several projects in 4Q2016. SODIC is also interested in bidding to develop a 410 feddan plot in Sheikh Zayed via a public-private partnership once the New Urban Communities Authority tenders the land.