CAPMAS: Egypt's housing market slowing sharply in 2012/2013

Egypt's housing market slowed sharply in the 2012/2013 fiscal year, according to a statement by Central Agency for Public Mobilization and Statistics (CAPMAS) on Wednesday.

The total residence units undertaken by governmental and private sectors in Egypt declined by 23.3 percent to reach 135,600 units in 2012/2013 with an investment of LE 8.1 billion, while it was at 176,700 units in 2011/2012 with an investment of LE11 billion, the statement said.

CAPMAS attributed the slow to economic conditions and political upheaval experienced by Egypt during this period.

The highest percentage in the number of residences units undertaken on the economic housing levies reached 50.5 percent, 39.8 present intermediate, 8.7 percent above the intermediate, 0.7 percent a luxury, low-cost 0.3 percent of the total of governmental and private sectors, CAPMAS noted.