Egypt to sell land plots to expats, aims to raise $15bn

22 March 2012

Egyptian housing minister, Fathi Abdelaziz el-Baradei has announced plans to launch a scheme on Saturday to reduce its budget deficit by selling plots of land near Cairo to Egyptians living abroad, with the aim of raising $15 billion over four years, Reuters has reported. The government plans to offer an initial 8,000 plots in at least two satellite cities near Cairo via a website, said el-Baradei , adding that Egyptians living abroad would be able to reserve the plots as of Saturday. They include 800 sq m lots in Sheikh Zayed City that the government will sell for $675 per sq m and 400 sq m lots in Badr City for $250 per sq m.

A MEED Subscription...

Subscribe or upgrade your current package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications