Egypt's Abdalla highlights domestic production, inflation control at Arab banks meeting    Egypt's PM says Gaza war dominating political scene, vows to continue economic reform    Cairo governor briefs PM on Khan el-Khalili, Rameses Square development    El Gouna Film Festival's 8th edition to coincide with UN's 80th anniversary    Cairo University, Roche Diagnostics inaugurate automated lab at Qasr El-Ainy    Egypt expands medical, humanitarian support for Gaza patients    Finance Ministry presents three new investor facilitation packages to PM to boost investment climate    Egypt condemns Israeli offensive in Gaza City, warns of grave regional consequences    Egypt investigates disappearance of ancient bracelet from Egyptian Museum in Tahrir    Egypt launches international architecture academy with UNESCO, European partners    African trade ministers meet in Cairo to push forward with AfCFTA    Egypt's President, Pakistan's PM condemn Israeli attack on Qatar    Egypt signs MoUs with 3 European universities to advance architecture, urban studies    Madrid trade talks focus on TikTok as US and China seek agreement    Egypt's Sisi, Qatar's Emir condemn Israeli strikes, call for Gaza ceasefire    Egypt condemns terrorist attack in northwest Pakistan    Egyptian pound ends week lower against US dollar – CBE    Egypt hosts G20 meeting for 1st time outside member states    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



NUCA offered 12,000 feddans within a year: Housing Minister
The increase in land prices and interest rates are the main challenges facing the sector, says developers
Shaimaa Al Aees Published in Daily News Egypt on 02 - 10 - 2017

Due to growing population that reached 95 million, the Ministry of Housing has offered lands for different community tranches to double the urban lands to meet the increases in population, according to Minister Mostafa Madbouly.
Madbouly said that New Urban Communities Authority (NUCA) offered 12,000 feddans within a year for the private sector, which is a big offering over the past years.
In Al Ahram Real Estate Investment conference held Monday, Madbouly noted that the government is obliged to provide lands that enable the absorption of population increase. Therefore, the government has provided units for all tranches of the community, especially low-income and middle-income, through ownership or rent systems.
Madbouly called the investors to diversify their project's areas and to launch projects in other areas besides Greater Cairo and new cities.
During the conference sessions, developers noted that the increase in land prices and interest rates are the main challenges facing the sector.
From his part, Al Ahly for Real Estate Development Chairperson Hussein Sabbour said that the difference in the cost of carrying out real estate projects after the flotation directly reached about 40%, in addition to the subsequent increases in the prices of fuel and partial energy subsidy cuts, which has a negative effect on the prices of real estate units and investment in the market.
Sabbour added that the government should reconsider its vision of considering land as a commodity that must be profitable, but a means of development.
Ashraf Dowidar, the CEO of ARDIC for Real Estate Development, noted that raw materials needed for carrying out real estate are either imported from abroad or mostly from abroad, so their prices increased due to the increase in the dollar value. In addition to the high cost of land, which represents the raw material for investment, pointing out that the lack of bank financing for developers causes a large funding gap.
Dowidar pointed out that the one-stop-shop mechanism needs to be developed within government agencies.
The chairperson of First Group, the real estate developer for KENZ Compound in 6th of October City, Bashir Mostafa, noted that there is a need to reconsider the price of sold lands and high interest rates on deposits, in addition to the value of the tax, representing 35% of total value of profits; so these factors are encouraging to not invest.

Clic here to read the story from its source.