High Demand on Egypt's First-Ever Online Land Allocation: Housing MinisterSource: www.export-egypt.com 1/3/2023, Location: Africa |
|
|
|
|
|
Egypt's first-ever online allotment of land plots in new cities, which runs until February, is sparking widespread interest among the public, announced Minister of Housing, Utilities, and Urban Communities Assem El-Gazzar on Tuesday.
The initiative, which was first launched in December, allows the public to reserve available plots of land -- ratified by the New Urban Communities Authority -- online for the first time through the website, explained Deputy Housing Minister Walid Abbas. He added that there are currently 305 plots of land on offer. The ministry released an information video explaining the application process on the website. The initiative aims to ease the process of land application and ownership, as well as provide employment and investment opportunities, said El-Gazzar. Moreover, it aims to meet the increasing demand for land as the population grows and eliminate brokerage in Egypt, he added. The new system replaces the land lottery schemes for individuals, which came to a halt in May 2021, to curb illegal land brokerage. The land lottery system -- which allocated land ownership by lot -- had aimed to make lands available at affordable prices to citizens seeking to build homes themselves. Citizens, however, were jostled by brokers who sought to purchase the lands from them, pay the remaining installments and sell them at higher prices. The minister noted that almost half of the new land plots – around 143 land plots – are located in the country’s “most distinguished” new cities – such as New Cairo, May 15th, Badr, New Assiut and New Mansoura. In addition, El-Gazzar stated that 104 land plots of the other half of land plots, estimated to be around 162 in total, are located in proficiently distinguished cities (Sadat, New Salhia, and New Burj Al Arab cities); while the remaining 58 plots are located in moderate/average cities (New Nubaria - 10th of Ramadan city). According to Abbas, applicants will be able see others interested in the same plot of land. In case two or more applicants reserve the same land plot that falls under “most distinguished” category, priority will be given to the applicant who pays in US dollars. As for the remaining land plots, the deputy housing minister said that priority will be given to the highest bidder and a public auction will follow should bidders provide the same value. Deposits for most distinguished plots are valued at EGP 350,000. For moderately distinguished plots and average plots deposits are valued at EGP 100,00 and 25,000 respectively, he further explained. Abbas concluded by saying that applicants will be provided with the results of their applications after the reservation time window has elapsed. |
|
|
Financials and Investment News in Egypt >> |
 |
|||||
|
Egypt >> 9/19/2024 - Egypt is having a special participation at the IFTM-Top Resa exhibition, which lasts until Sept.19 in Paris.
Egypt’s pavilion has more than... |
Egypt >> 9/18/2024 - On his first visit around the region since his appointment, Jalel Trabelsi, the Special Envoy of the African Development Bank (AfDB), praised Egypt's ...
|
|
Egypt >> 9/18/2024 - On his first visit around the region since his appointment, Jalel Trabelsi, the Special Envoy of the African Development Bank (AfDB), praised Egypt's ...
|
Egypt >> 9/18/2024 - Benchmark index EGX 30 was up 0.61 percent to 30,342.46 points, with the Shariah index climbing by 0.20 percent to reach 2,879.64 points.
E... |
|
Egypt >> 9/18/2024 - The British company Globeleq is set to collaborate with the Egyptian government in establishing a substantial project for green hydrogen production, a...
|
Egypt >> 9/18/2024 - Deputy Prime Minister and Minister of Health and Population Khaled Abdel Ghaffar asserted the importance of cooperating with South Africa in the field...
|
| Egypt Oil & Gas 1 >> 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 | 88 | 89 | |
