The Housing Ministry will be offering land and residential units in US dollars to target Egyptian living abroad in the upcoming weeks, Assistant to the Minister of Housing for Technical Affairs Khaled Abbas told Invest-Gate.
The ministry has already began preparing some of its reserved land to offer, and is moreover studying the potential of building special residential units in the new cities on offer for dollars in efforts to attract more foreign currency into the country.
The land will be offered to real estate developers, who will be prioritized according to their ability to pay costs in greenbacks. The ministry has already received offers from Gulf Arab and domestic companies to pay a part of the project costs in dollars.
Minister of Housing, Utilities, and Urban Communities Mostafa Madbouly previously stated that the ministry had been planning to offer units in dollars, but was reluctant to take the step due to the discrepancy between the official trading price of the dollar versus its value on the black market.
The Central Bank of Egypt announced last week the flotation of the Egyptian pound against the US dollar, in a move widely expected to eventually eradicate the black forex market and restore investor confidence.