Egypt plans to develop 33 thousand homes in the provinces
The Ministry of Social Solidarity in Egypt said it spent 200 million pounds on the development and rehabilitation of 28 thousand homes in various provinces within the program "decent housing."
Informed sources said that the NGO Fund allocated 225 million pounds for a decent housing project, and cooperation with businessmen is being made to contribute to the funding of the program in the framework of social responsibility.
She explained that the ministry was able to rehabilitate 28 thousand homes, at a cost of 200 million pounds, and seeks to qualify another 5,000 homes to reach 33 thousand homes by the end of December, according to the newspaper "alborsanews."
"There are ongoing negotiations with major companies in the real estate sector to contribute to financing the next phase to be launched during the first quarter of 2019."
The first phase of the program is targeted at 27 villages in 5 governorates, namely Minya, Assiut, Sohag, Luxor and Qena. The value of subsidized homes for the program is between LE 4,000 and 25,000.
Ghada Wali, Minister of Social Solidarity, said that the ministry recently signed a cooperation protocol with the Ministry of Awqaf and Housing worth 100 million pounds, and cooperation with private sector partners under this program.
She pointed out the importance of coordination between the work partners of the program and work according to specific timetables to achieve the target, as well as attracting investments to the program and encourage private sector financiers to pump investments and expand the program.
New players for real estate investments in Egypt
According to press reports "alborsanews" and "alarabiya.net", the price per meter in residential units in fenced compounds or compounds varies. In Egypt, there is a difference between new and some new cities, and the highest in New Cairo east of the capital compared to Sheikh Zayed and 6th of October West Giza.
Then the real estate market entered new players, such as the new administrative capital, new scientists and other fourth-generation cities, smart cities based on sustainable economic development and high quality of life of citizens. Is the price map affected by the Egyptian market?
Those who buy in fourth-generation cities are not looking for housing now, unlike most of those who buy in New Cairo, but there is concern about the impact developers feel on this massive land expropriation by the government.
Housing sales grew by 27% for the new Cairo during the second quarter of this year compared to the same period last year and about 30% for the 6th of October City during the same period.
It is expected that 15,000 housing units will enter the enclaves within the remaining period of 2018, according to the JLL report on the Egyptian market.
Best Real Estate Investment Opportunities in Egypt
Ashraf Kareed, head of business development at Makaat Investments, said that the two areas of Katameya in East Cairo and 6th of October City, south of Cairo, are among the most preferred for real estate investment in terms of expected return on investment.
He is unique in an interview with "Arab" on the sidelines of the opening of Cityscape Global 2018 in Dubai today to several other opportunities for real estate investment in integrated new urban sites, which includes commercial solutions such as shopping malls, services, and solutions related to the concepts of smart cities of technology and infrastructure services.
He added that Egypt remains an attractive destination for Arab investors, developers who pump billions of pounds into investment, or to buy properties for residence and investment, taking advantage of the recently approved Housing Grant Act.
He considered that the construction of modern cities, with the modern concepts of the creation of commercial and development communities, is the most prominent direction of investment movement in the Egyptian real estate.
Cityscape Global opened its doors to thousands of investors, real estate professionals and end-users to continue until October 4 with the participation of about 300 companies to review their projects in the seven exhibition halls.
It is expected to attract the current edition of Cityscape Global has over 30 thousand visitors, and enjoy very popular among investors from across the region and around the world, and attracts elite architects, designers, consultants and real estate industry experts world.
Cityscape Global, which will be held with the largest names and real estate companies until 4 October at the Dubai World Trade Center, will be attended by about 300 companies to showcase their projects in the seven exhibition halls.