Egypt has witnessed the establishment of 326,300 residential units in the fiscal year (FY) 2017/18 with total investments of EGP 106.9bn, compared to 317,200 units with EGP 91.8bn worth investments in FY 2016/17, marking 2.9% and 16.4% increases in the number of units and investments, respectively, according to the Central Agency for Public Mobilization and Statistics’ (CAPMAS) report on Thursday.
The CAPMAS revealed that economic housing had the lion’s share in FY 2017/18 with 169,800 units, representing 52% of total units, followed by middle-income housing with 118,500 units (36.3%), then above middle-income housing with 31,000 units (9.5%), and luxury housing with 7,000 units (2.1%).
According to the report, there is a 32.2% increase in the number of housing units implemented by the government, reaching 105,100 units in FY 2017/18, compared to 100,500 units in FY 2016/17.
Economic housing accounted for the largest share of residential units implemented by the public sector, recording 89,400 units, representing 85.1%, while its contribution to the middle-income housing reached 15,000 units (14.3%), besides 508 above middle-income units (0.5%), and 142 low-income units (0.1%) of total units.
The CAPMAS pointed out that 221,200 units were established by the private sector in FY 2017/18, representing 67.8% of the total units, compared to 216,600 units in FY 2016/17, an increase of 2.1%. Middle-income housing accounted for the largest share of residential units implemented by the private sector, with 103,400 units (46.8%), followed by economic housing with 80,400 units (36.3%), then above middle-income housing with 30,400 units (13.8%), and luxury housing with 7,000 units (3.1%).
As for social housing, “1 million units project”, the project noted that 82,100 units of the project were implemented in FY 2017/18.
The number of units implemented in the Dar Misr project, a governmental middle-income housing, were about 13,000 units in FY 2017/18. Meanwhile, the number of units implemented in the Sakan Misr, also a governmental middle-income housing, recorded 51,500 units.