Government to sell land, affordable housing units to citizens abroad

CAIRO - 3 April 2017: The Egyptian government will offer land plots and housing units for Egyptians working abroad by the end of this week, the assistant to the Minister of Housing, Waleed Abbas, told Youm7 Monday.

He said Egyptians abroad will be able to reserve land plots through a website which should be ready by the end of the week, adding that payment should be in U.S. dollars and through bank transfers.

There are thousands of lands on offer in a dozen new cities, Abbas said. They are part of the “Nation’s House” initiative launched by the government a few years ago with the purpose of attracting foreign currency.

The initiative will also make affordable housing available to Egyptians abroad. The government approved Monday the provision of some affordable housing units for Egyptians working abroad, with payment also in dollars, Minister of Housing Mostafa Madbouly said in a press conference, Youm7 reported.

He said conditions stipulate that the down payment should be 25 percent of the unit’s total value and the rest paid in installments over three years. Madbouly said 40,000-50,000 units of affordable housing are ready to be offered.

The Nation’s House scheme is part of the government’s plan to bridge a gaping budget deficit and to attract much-needed foreign currency.

The government is eyeing a budget deficit of 10.1 percent by the end of the current fiscal year 2016/2017, down from 12.2 percent in 2015/2016.

Political turmoil in the six years since Egypt’s 2011 revolution has widened the country’s budget deficit and drained its foreign currency reserves.

Egypt is committed to tightening its budget deficit as it presses ahead with an economic reform plan that aims at breathing life into the country’s ailing economy. Egypt sealed a $12 billion loan from the International Monetary Fund (IMF) after it approved the country’s reform program.