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Egyptian Housing Minister Mr. Ahmed el-Maghrabi, has denied that Housing ministry policy of selling lands for foreign entrepreneurs, was to blame for sending prices of building lands skyrocketing
The Egyptian minister said that his policy resulted in the growth in the building and construction sector by 16 per cent last year.El-Maghrabi told a meeting of the Egyptian-French Businessmen Association Tuesday night that the ministry was keen to offer plots of land to the poor and the middle class at low prices.
According to Middle East News Agency, the Egyptian minister has said that the Ministry of Housing sold in the past 22 months 30,000 acres, 55 per cent of which were allocated to the social housing program for LE52 per square meter to be paid over 10 years at easy terms.
27 per cent of the lands were sold to investors in new urban communities at the highest price by which 80 acres were sold in prime locations for LE4,500 and in some other areas the square meter was sold for LE890, generating a total of LE17 billion in revenues, minister added.
Egyptian minister declared that several Arab developers have recently clinched heavy real-estate deals in Egypt.
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