Housing Ministry to Launch Plots with 60-Year-Usufruct
The Ministry of Housing considers launching plots for investors with usufruct for 60 years. The plots will be used in establishing fully developed communities in new cities.
Dr. Tarek Wafiq, Minister of Housing and New Urban Communities, stated that the apartments will be offered for rent, given that the largest proportion of the citizens cannot afford making the down payment required for owning an apartment. He confirmed that the Urban Planning and Development was assigned to preparing the pilot sites, which will include Arabia Mall, Sadat city, and the 10th of Ramadan city.
This was stated during the minister’s meeting with The United Nations Human Settlements Programme “UN-HABITAT,” in which a report was presented on the the social housing project held currently by the Ministry, in addition to suggesting a work plan for developing the housing sector in Egypt.
The Minister- during the meeting- declared that the Ministry is currently conducting a study on how to manage new cities that still need further development.He added that there is a tendency towards allocating a board of director to each city in order to supervise its affairs.
On the other hand, UN-HABITAT representatives have put forward both short-and-long term proposals for improving the performance of the housing sector, such as offering housing for rent, particularly to low-income groups. This is in addition to developing small-sized plots, unprivileged areas and slums, restructuring institutions, and amending laws and legislations.
