HDB Unable To Meet Needs Of Low-Income People Solely: Chairman

Housing and Development Bank (HDB) will not be able alone to meet the needs of low-income people as it had directed all its resources to the former national housing project, said Fathy El Sebaei, chairman of HDB.

Concerning offering financial support to low-income people in order to obtain a unit from the social housing project, he said it is the state’s role to provide housing units for such segment, noting that the bank focuses on medium and above medium segments of customers.

About 6, 3000 citizens paid for the reservation of units at the social housing project by the end of last week. New Assuit and New Tiba attracted the lowest demand, he added.

The current prices of housing units are the result of the recession that has hit the real estate sector. Providing mortgage services is difficult due to the current interest rates, he noted.

However, the Egyptian real estate market is attractive due to the increasing demand; as compared to the Arab real estate markets which create new housing ideas for marketing the housing units that witness low demand, he affirmed.

Besides, HDB will sign a protocol of cooperation with a Libyan bank in the upcoming days.