The Ministry of Housing, Utilities, and Urban Communities is to establish housing units for Egyptians who work outside of Egypt, in order to help the country attract foreign currencies and also help the overseas Egyptians to have houses that link them to their country.
According to the minister, Mostafa Madbouly, the reason was the overseas Egyptians’ request for social housing units. He added that the ministry agreed to establish social housing units in the cities of El-Obour, New Cairo, 6th of October City, Upper Egypt, Matrouh, the Red Sea, and the New Borg El-Arab, according to a statement issued by the ministry on 3 March.
But would the project be attractive to the people who live outside of Egypt if they pay in US dollars?
The head of Al Ahly for Real Estate Development, Hussein Sabbour, said that the project’s success would depend on whether or not the units would be attractive, adding that anything that could attract foreign currencies would be great for the country.
He explained that the project will be successful as long as it is well-studied and attractive, which depends on the method of payment, the type of units, the finishing, the final price, and the sizes of the units.
From another viewpoint, the professor of economic physical infrastructures at Al-Nahda University, Seif Farag, said that the idea of establishing social housing units is good; however, the ministry has to clarify the fair price for the US dollar before promoting for the project.
He stated that, currently, the majority look for units in housing compounds, emphasising that establishing compounds would be a better idea.
“The units must be in a competitive area that would attract overseas Egyptians,” he noted.
Providing such a thing without studying it well and providing fair prices would promote a negative picture of the government outside of Egypt, Farag stated.
Source: Daily News Egypt