Foreign investors are scrambling to buy land plots offered by the government in Nasser City in Assiut and in western Qena City, Invest-Gate reports.

The 500 land plots have floor plans starting from 500 to 700 square meters and are allocated to develop villas and residential buildings, according to a released statement.

“The high turnout that peaks to 300 applicants until this moment emphasizes the success of the ministry in meeting residential demand,” says Minister of Housing Mostafa Madbouly.

The lands mainly target individuals rather than companies and institutions.

“The lands will be delivered within 12 months following the payment of 25% of their total cost,” adds Madbouly.

The remaining cost is expected to be paid over a three- year installment period. Buyers are requested to finalize all construction works of the new land plots within three years from the date of delivery.