Egypt to Offer Apartments for Low, Average-Income Groups

Property showrooms, a website specialized in real estate, has stated that Egypt, led by President Mohamed Morsy, will focus on providing housing with reasonable prices for low and average-income families.

According to the website, Dr. Mohamed Mekawy, General Manager of Al-Futtaim Emirates-Egypt, has informed Oxford Business Group about the need to establish 300.000 apartments per year for meeting the demand on housing.

Mekawy emphasized that the Egyptian real estate market has not witnessed building any low-price apartments since a long time, which was one of the causes of the 25th of January Revolution.  He recommended that the government cooperate with the private sector in order to handle this issue.