One billion EP to stimulate Egyptian real estate market
Real estate investors in Egypt welcomed a recent decision by Prime Minister Atef Ubeid to pump one billion Egyptian pounds from the Central Bank into the local real estate market. The money will finance housing for subsidized prices, reported Al-Ahram .
Market sources expect this initiative to substantially boost the real estate market, which has been suffering from a recent slowdown. The government’s initiative will provide the necessary funding to purchase real estate units. There are now nearly 35,000 unsold apartments in the Egyptian market. — (menareport.com)
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