Gov’t to Deliver 6,839 Units by Year-End

Tuesday, 4th July 2017
by Menna A. Farouk

A general view of residential buildings under construction in El Katameya district of New Cairo March 30, 2013. Two years of upheaval have devastated much of Egypt’s economy. The Egyptian pound has lost about 14 percent of its value. But for the real estate industry, especially the upmarket part of it which caters to people with large amounts of savings, the weak pound is actually fairly good news. In addition to Egyptians, the weaker currency makes Egypt more attractive for investors from other Arab countries trying to escape instability at home, especially Libya, Syria and Sudan. Picture taken March 30, 2013. To match Mideast Money EGYPT-HOUSING/ REUTERS/Amr Abdallah Dalsh (EGYPT – Tags: POLITICS BUSINESS REAL ESTATE CONSTRUCTION) – RTXY6TX

The government is to hand over new social housing units in 10 governorates by the end of this year, Invest-Gate reports.

A total of 6,839 housing units will be delivered by the end of December 2017, according to Minister of Housing Mostafa Madbouly.

The ministry will finalize the development of 238 units in Assiut, 912 in Qena, 384 in Luxor, and 24 in Sohag, says Mohammed Nasser, Chairman of Central Agency for Reconstruction.

A total of 1,786 units will be completed in Qalyubia, in addition to 896, 96, 912, 1,495, and 96 units in Beheira, Kafr El Sheikh, Dakahleya, Port Said, and Wadi al-Jadid, respectively.

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Menna A. Farouk 368 Posts

Menna A. Farouk is a Cairo-based reporter. She has contributed to several international news organizations, including Deutsche Welle, Al-Monitor and Global Voices.