The Ministry of Housing has collaborated with the Division of Real Estate Investment working within the General Federation of Chambers of Commerce to form a committee. It will be tasked with establishing of 500,000 units of middle-class social housing, according to a statement released by head of the division Mamdouh Badr El-Din Saturday.
Badr El-Din explained that the committee has begun work by examining sites and cities in which the units can be established. The committee is also considering mechanisms to implement and finance the project with the aim of providing affordable prices while not compromising on quality.
Upon completion of inspections and selection of land sites, he expected the project would immediately be open to investors. The project would be important in restoring balance to the real estate sector, referring to the real estate gap for middle-income housing.
A recent report published by real estate consultancy Jones Lang LaSalle (JLL) indicated that both the government and the private sector are mainly focused on high-end housing or affordable housing, leaving a notable market gap in the middle-income housing.
JLL said the “middle–income sector of the market should not be under estimated” since it “equates to 12m households in Egypt”.