1.2 mln housing units constructed in Egypt in five years; says CAPMAS report

The number of housing units built in Egypt during the past five years is 1.2 million, with investments up to 109.6 billion Egyptian pounds ($12.3 billion) by the public and private sectors, state statistics agency CAPMAS report revealed Sunday.

In its report on Housing in Egypt during 2009/2010 – 2014/2015, CAMPAS states that in 2014/2015 the number of housing units reached 352,000, the highest in the past five years, while the lowest was 135,600 units in 2012/2013.

Public expenditure in the housing sector paid for 497,000 units during the same period, contributing up to 41.7 percent of the total expenditure on housing, according to the report.

The spending on public sector housing focused on affordable housing, with the highest number of units built in Giza, followed by Sharqiya then Cairo.

Private sector spending in the housing sector paid for 694,000 units, with 58.3 percent of total housing expenditure.

The private sector spending focused on housing for middle-income households then affordable housing, with housing units in Cairo, followed by Giza then Ismailia governorate.

In April, Egypt’s housing ministry announced that low-income citizens would be able to purchase tender specification booklets to see if they are eligible to apply for one of over 500,000 affordable housing units currently under construction.

This came as part of a wider housing programme launched by the housing ministry in 2014 to construct one million units for low and medium-income citizens over five years at a cost of EGP 165 billion.

The central bank’s governor said on February that banks will provide cheap mortgages over a 20-year period at a 5 percent decreasing interest rate for those who apply to own a unit from the ministry’s programme.

Source: Ahram Online