Khaled Abbas

Khaled Abbas: Reaching the area currently being developed for 12% in record time

The primary role of the Ministry of Housing is to support the real estate market, which has been growing in recent years, as it is one of the main sectors supporting the national economy with a contribution of nearly 20% to the national product, said Engineer Khaled Abbas, Deputy Minister of Housing for National Projects.

He added during the events of the conference "The Future of Urban Development in Egypt" that the recent expansion of Egypt and the inauguration of 16 new cities means that more space will be available to double the urbanization by 2030, and Egypt is now close to reaching 12% of the building area with the volume of development currently being implemented, pointing out that these new cities include various investment opportunities for real estate developers.

He continued that the new 40,000 acre city of Suez has been announced, and there will be a new city on the north coast, and there are some cities that are still under study, all of which are being implemented within a strategic urban plan by 2052, so that cities will be implemented to accommodate the population increase expected by 2052.

The closest city to which a presidential decision would soon be issued was Ras al-Hikma, which was currently being planned, and some property developers had refused to inaugurate a comprehensive city plan, but with the development of the new alamein and investments from the State for the development of an integrated city, the developers might race to acquire land in that city.

He stressed that urban development contributes to an increase in the number of real estate developers, which is healthy for the real estate market, providing jobs and increasing the level of competition in the real estate market. Therefore, the customer benefits from this competition. Each company offers its best designs, projects and price offers, pointing out that the market needs more new companies.

The State was implementing its projects according to a vision and a strategic plan for development, and every city was being developed according to the State strategic plan, and the developer had to change the way it worked, since the demand for the middle income segment was the largest area of the real estate market.