Egypt will soon begin construction for the first stage of a major housing scheme, targeting one million homes over 160 million square meters, scheduled to be completed by 2020, according to an Oxford Business Group report.
“The first phase of what is estimated to be a US$40 billion project is scheduled to commence in February with 120,000 homes to be built by UAE-based Arabtec Holding. The first homes are to be delivered in 2017,” said Oxford Business Group.
Egypt has said that the project would secure one million job opportunities.
The group noted that the project comes as part of the government’s attempt to address the high demand by the housing market where informal housing enjoys a sizable share.
“Egypt’s formal housing market has always faced problems keeping up with the sizable demand in a country where the 88m person population is growing by 2.5 percent a year. The shortage is such that informal construction now comprises a large proportion of residential build, although the government is hoping to address that through large-scale public housing projects,” said the Oxford Business Group report.
