Egypt invested $10 billion on housing over past 20 years
Official Egyptian sources have revealed that, over the past two decades, the local government had invested $10 billion in the housing sector and toward the building of new urban communities.
According to Al-Hayat, these investments were divided between construction projects, which received $4 billion, and new urban communities, which were built with the remaining $6 billion. Both the private as well as the public sector had built nearly 300,000 new residential units.
A new real estate proposal law has been discussed recently by the government and will be presented for debate by the National Council (the Egyptian parliament) at the next session, later this month.
The government has made certain amendments in this law, giving the local mortgage companies the chance to offer new financial arrangements. These amendments aim to stimulate the local market in order to make housing affordable for all. — (Albawaba-MEBG)