Egypt to deliver new units for New Valley low-income citizens today

Egypt’s Minister of Housing will deliver Thursday new residential units for low-income earners in New Valley governorate as part of the country’s social housing scheme.

Late 2015, Egyptian government announced plans to build 1 million homes for poorer people at a cost of almost $20 billion over the next five years, in a bid to ease a crunch that has seen slums and unlicensed buildings spread since the 2011 revolt.

According to Minister Madbouly’s earlier statements in December, the social housing project will see 200,000 new homes built each year, meeting over half the annual demand for cheap housing. Private developers, who have built new suburbs around Cairo, are meeting the needs of middle and higher income Egyptians who can buy homes outright or obtain mortgages.

Madbouly added that Egypt would finance its social housing scheme through land sales to developers building higher-end homes.