The Ministry of Housing, Utilities and Urban Communities has sold lands worth $2.5bn in foreign currency, according to Assistant Minister Walid Abbas. He said that the ministry received 3,425 requests from Egyptian, Arab and foreign investors to obtain investment lands in various sectors.
Abbas made these remarks on Wednesday at the 7th Think Commercial roundtable, titled “Rise of Diversified Real Estate Market”. He said that the direct allocation mechanism of lands has facilitated the procedures for investors and increased the demand for lands by 33% compared to 2021.
He added that the requests included 767 plots of land with different types of activities, such as residential, commercial, administrative and entertainment, as well as serviced residences. The total area of the lands was about 3,582 feddan.
He pointed out that about 40% of these lands will be paid in US dollars transferred from abroad. He said that the investment opportunities provided more than 4.1 million direct and indirect jobs for the establishment and operation of these projects.
Abbas highlighted that the direct allocation system of lands has attracted more investors to obtain lands in the new urban communities with diversified activities and spaces. He said that there were 85 developers who applied for 23 plots of land that were offered last month for EGP 2bn, which reflects the high demand in the local real estate market.