Egypt's housing market slowed sharply in the 2012/2013 fiscal year, according to a statement by Central Agency for Public Mobilization and Statistics (CAPMAS) on Wednesday.
The total residence units undertaken by governmental and private sectors in Egypt declined by 23.3 percent to reach 135,600 units in 2012/2013 with an investment of LE 8.1 billion, while it was at 176,700 units in 2011/2012 with an investment of LE11 billion, the statement said.
CAPMAS attributed the slow to economic conditions and political upheaval experienced by Egypt during this period.
The highest percentage in the number of residences units undertaken on the economic housing levies reached 50.5 percent, 39.8 present intermediate, 8.7 percent above the intermediate, 0.7 percent a luxury, low-cost 0.3 percent of the total of governmental and private sectors, CAPMAS noted.
Meanwhile, the number of residences units executed by the governmental sector reached 30,600 units in 2012/2013 by 22.5 percent of the total distributed on both levels of housing by 1.6 percent low costs, 75.8 percent economic, the intermediate by 22.6 percent of the total of the governmental sector with an investment of LE1.8 billion, CAPMAS added.
However, the number of residences units executed by the private sector reached 105,000 units in 2012/2013, or 77.5 percent of the total distributed on both levels of housing. The distribution of residences across economic levels were: 43.1 percent of low-level, 44.8 percent of intermediate, 11.2 percent above-intermediate, 0.9 percent luxury of the total private sector with an investment of LE6.3 billion, the statement showed.
While, the largest number of residence units undertaken by the governmental sector was at the governorates level in the governorate of Cairo, reaching 6,991 units or 22.9 percent of the total of the governmental sector, and the lowest number in the New Valley governorate, reaching 50 units or 0.2 percent of the total.
The largest number of residences units executed by the private sector was on the governorates level in the Red Sea governorate reached 12,844 units, or 12.2 percento f the total of the private sector, and the lowest number was in Alexandria governorate was 8 units or 0.01 percent.
Overall, the average ratio of spending on housing and related items for family was LE4,736.7, which represents of the total of annual spending with a monthly average of LE395, or 11.9 percent of the national spending on actual rents in urban, compared 1.8 percent in the countryside.
Meanwhile, 66.8 percent the of spending on rentals in urban compared 73.6 percent in the countryside according to the data of income expenditure and consumption research for 2012/2013.
