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Price hikes in lands of Egypt's new capital amount to 52% during one year

Thursday 28 June 2018 07:43 PM

Ahmed Zaki Abdeen
Ahmed Zaki Abdeen

By Bedour Ibrahim
Land prices at Egypt's New Administrative Capital rose by 52% per sqm as compared with first land auction dating back to early last year.
"With first land auction standing at EGP2500, the latest quote jumped to EGP3800 per sqm in  residential areas," chairman of the Administrative Capital For Urban Development Gen. Ahmed Zaki Abdeen told Al-Mal newspaper.
A pricing committee, to be  charged soon with re-evaluating the lands, may drive up prices to a record of EGP4000, he added.
Article 27 of the New Urban Communities Organization's statute stipulates increasing land prices by 10% per year up from latest auction in order to cope with inflation rates. NUCO predicts the issuance of a ministerial decree imposing a three-year suspension of the article so as to curb constantly rising prices of residential units.
On the same vein, Abdeen said that  ACUD will invite investors next week to utilize 1000 acres in suburb R8 inside the city.
Also, Ministry of Housing is bent to put out for sale fully-furnished residential units with 110 - 180 sqm sizes at R3 suburb at prices higher than EGP11,000 per sqm, as delivery shall be one year from contracting.
Housing units due to be built inside NAC's residential suburb will total 2048 superb furnished units, Minister of Housing and New Urban Communities Dr. Mostafa Metwaly said, adding that booking flats shall be conducted electronically upon the transferring of a down-payment, as  a four-year installment scheme will be tapped for payment with zero interest rates.