The construction work in cities of New Suez and West Port Said will begin early next year, and several ministries participated in putting the country’s 2052 urban development plan, not just the Ministry of Housing, said Khaled Abbas, deputy minister of housing for national projects.
Abbas noted that 60% of the residential buildings in the business district at the New Administrative Capital has been completed.
On the sidelines of Integrated Urban Development, the Vision of the Government and the Private Sector to Create Investment Opportunities conference held by Egyptian Junior Business Association (EJB) on Sunday, Abbas pointed out that 10,000 contracts per month have been completed within the mortgage finance system for social housing project.
Abbas announced the establishment of a training centre to qualify technical workers and employees in field of real estate to keep pace with the Egyptian real estate revolution.
“Egypt’s real estate market is a real market, safe and strong. It is witnessing a real demand and not a seasonal demand even in the darkest circumstances and tensions in Egypt in 2011,” he elaborated.
“About 60% of the population of Egypt represents the category of youth and most of them are about to marry and are concerned about having an apartment. This accordingly confirms the idea that real estate market in Egypt is strong and continuous, “he added.