Housing Minister Mostafa Madbouly – File Photo
CAIRO – 27 July 2017: The Ministry of Housing and Urban Communities will launch 24,024 land plots across 19 new cities in Egypt next Sunday, according to a statement from the ministry on Thursday.
Housing Minister Mostafa Madbouly said that 12,721 land plots will be targeted at social housing, 7,373 land plots will be used for high-end housing projects, and 3,930 for more advanced high-end projects.
Drafts for the conditions of lands will be provided on Sunday, and will be available across the branches of the Housing & Development Bank. The drafts have diverse floor plans and lands ranging between 209 square meters and 1,500 square meters.
The lands are targeted at different social classes in the cities of New Cairo, 6th of October, Sheikh Zayed, Shorouk, Obour, 10th of Ramadan, Badr, 15th of May, New Minya, New Borg el-Arab, New Damietta, New Qena, New Akhmeem, New Fayoum, New Beni Suef, New Assiut, Sadat, New Tiba, and New Sohag.
Potential buyers, who seek to win lands in the ministry’s public lottery, are requested to provide the highest bid that amounts to at least 50 percent of the total cost of the land plot. Applicants with the least bids will be eliminated.
Investors are provided a payment plan where they are given two months to pay LE 350,000 of the total cost of land following the date of purchase, and are obliged to finalize constructions within a three-year period from the date of the lottery.