Egypt Property Continues To Hot Up
News Posted On: 21 December 2010
Egypt has seen its property market endure the global financial crisis and has been reported as being a stable place to invest in real estate. It seems that the wealthy in Egypt have done quite well in real estate, which has helped the economy grow, but the middle class is now being targeted so that revenue will continue to flow through this class.
A tremendous real estate project has begun in Egypt that will help young Egyptians to be able to purchase affordable homes. This housing ministry will be paid mostly by Libya and the estimated cost associated with it is 116 billion Egyptian pounds, which is about 78 percent of the capital needed.
Developers have planned a 5,600 acre al-Fateh city just outside of Cairo to be built over the next twenty years. Abdel-Hamid Shaer, media advisor at the Egyptian Housing Ministry, states that Egypt will pay the rest of the cost to build this development.
Developers will build the community in six phases and the project is estimated to take about twenty years. The community will include residential units as well as commercial units. A tropical garden and theme park are in the plans as well.
Young people in Egypt value having a home because it is an important custom upon marriage to buy a home. The government is aware of this and feels somewhat pressured to assist the youth in being able to purchase affordable housing. Between Libya’s generosity and Egypt’s solid plan, the youth of Egypt will be able to enjoy nice living at a good price.
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