Egypt- Ministry of Housing may provide lands in exchange for housing units: Badr El-Din

Prime Minister Ibrahim Mehleb tasked the Ministry of Housing to study a proposal by the Real Estate Investment Division that suggests the government provide lands for the real estate developers in exchange for 15% of housing units as payment for the land, according to Mamdouh Badr El-Din, head of the division.

Badr El-Din told Daily News Egypt that "the developer would be responsible for all the costs of construction and the bases of the buildings, while the government would acquire 15% of the total number of the fully-finished housing units". The government would determine the category the rest of the units would be sold for, and would be involved in pricing them as well.

Badr El-Din met Prime Minister Mehleb Saturday evening. He added that the division will meet the Minister of Housing Mostafa Madbouly on Sunday to discuss the proposal. He clarified that the Prime Minister determined that the government would provide lands in the cities of New Assiut, New Minya, New Tiba, Badr, and Borg El Arab as a start.

The housing units would vary between 90 and 140 square metres, and would be divided into low and medium-sized income levels. He noted that the real estate developer suffers from the "crazy" increase in lands prices; a square metre in the Madinaty project has jumped to EGP 1600.a proposal by the Real Estate Investment Division that suggests the government provide lands for the real estate developers in exchange for 15% of housing units as payment for the land