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.

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