Egypt invests $4.8 bn in real estate sector over 30 months: Housing Minister

The Egyptian government has pumped investments estimated at 43 billion Egyptian Pounds into the real estate sector over the last 30 months, according to Minister of Housing Mostafa Madbouly.

Madbouly added that in the past 20 years, only EGP 30bn were invested in Egypt’s real estate sector, highlighting that the current numbers signify a massive leap.

He noted that the EGP 43bn were invested in social housing projects, the 1 million units project for lower income citizens, and the Dar Misr project for middle-income citizens, as well as in connecting lands to utilities.

The minister announced that the Housing Ministry, represented by the New Urban Communities Authority (NUCA), started to build nine new cities at once.

At a press conference held Sunday, Madbouly said that NUCA has the financial efficiency and ability to fully fund real estate projects without resorting to investments allocated to the general budget.

He pointed out that the most prominent of these projects are the New Administrative Capital, New Toshka, New Ismailia, the East Port Said housing project, and a new city at the Galala Plateau.

Moreover, the minister announced that in the coming period, two new cities in Upper Egypt will be inaugurated as part of the ministry’s plan to launch new generations of cities in the country.

Commenting on the priority given by the government to the New Administrative Capital, Madbouly assured that the government doesn’t have any other opportunities to meet the demands of the growing population, and eliminate ashwa’yat (informal housing areas). Prior planning and the launch of new cities are the only way to face this challenge, according to the minister.

“We are 10 years late in launching the New Administrative Capital,” Madbouly noted.

Source: Daily News Egypt