Land prices in the first phase of the Administrative Capital have been determined by the Administrative Capital Development Company and will be announced to the presidency for approval, to be offered next month, Al Borsa reported.

A number of real estate investment companies previously objected to the pricing of the lands located in the new capital, where prices ranged from EGP 4,000 to EGP 5,000 per square meter, while it peaked at EGP 6,000 per square meter in strategic locations.

The Supreme Council for Investments previously approved tenders for new lands in the capital.

Sources in the government told Al Borsa that the price per meter will depend on the type of activity to be commenced, the rate of construction, and the location.

The Administrative Capital will be offering 2,500 acres for developers by the end of this year, according to Mostafa Madbouly, Minister of Housing, Utilities, and Urban Communities.