Egypts Minister of Housing Mostafa Madbouly said in a press conference on the 6 January that a total of 13,512 units will be implemented in the New Cairo area, an increase of 6,480 units from previous plans.
The minister also revealed plans to decrease the Dar Masr housing project in 6th October City to 3,000 units from the initially planned 12,000 units. This comes as a consequence of low demand for units in 6th October City.
Madbouly identified New Cairo, New Damietta, Obour and Al-Shorouk as areas witnessing high demand for middle-income housing.
The number of units in Al-Shorouk will be doubled to 2,639 units, rather than 1,607 units, and 2,139 will be built in Obour rather than 1,400 units.
The minister also said in the press conference that the Housing Ministry is coordinating with the ministries of investment and international cooperation to provide documents on housing projects. The agreements are expected to be signed before the planned investment summit, which will be held March.
Egypt has become a favourable destination for gulf real estate investors. In March 2014, UAE-based Arabtec Holding signed an agreement with the Egyptian government for the development and construction of 1 million low-income housing units.