Demand for housing in Cairo is 603,000 units, says study

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CAIRO: Demand for housing in Greater Cairo, which includes Cairo, Giza and Qalioubya governorates, is estimated at 603,700 units, according to the initial results of a study conducted jointly by the Ministry of Investment and the Ministry of Housing.

The results of the study, discussed by both ministers on Wednesday, analyses demand for housing in Greater Cairo, noting that demand in Cairo Governorate stands at 341,400 units, in Giza at 217,000 units and in Qalioubya at 45,100 units.

A sample of 9082 families showed that male home-seekers accounted for 93 percent of total demand on housing and marriage plans were the principal reason for demand on housing with 56 percent of the total. The second important reason was finding larger home for the family, which accounted for 16 percent of total demand.

The study notes that demand is higher on units ranging from 63 square meters to 140 square meters in area and much lower on units of less than 40 square meters.

Over the 23 years from 1982 to 2005, subsidized housing schemes have produced 1.26 million units for low-income families at an average of 54,700 units per year, the study notes.

The Minister of Investment Mahmoud Mohieldin said the study was conducted to identify the pattern of demand for housing in Egypt to help decision-makers to arrive at sound decisions. He pointed out that growth of the Egyptian real estate market over the past two years amounted to 15 percent.

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