The New Urban Communities Authority (NUCA) will be offering 5,000 land plots in new cities as part of Bait Al Watan project offered on Egyptians abroad for an expected $ 1.8 bn, Al Borsa reports.

NUCA is currently deciding on the final price for the lands, which is expected to be priced at $ 650 per square meter in New Cairo compared to last year’s offering of $550 per square meter.

The lands in 6th of October City and New Damietta will increase in price too reaching over $500 compared to $400 to $450 of previous years. This decision comes following the current economic conditions, including the dollar’s exchange rate and the flotation of the Egyptian Pound.

The new offering is to be announced in the first quarter of 2017, according to unnamed sources in NUCA, Al Borsa reported.

Potential buyers are to pay a 25% down payment and the rest over a- five- year- installment from date of purchase. Those who choose to pay in full will receive a 15% discount on the land’s price.