Ministry of housing: EGP 200 billion the size of the untapped real estate market in Egypt
Dr. Abdel Khalek Ibrahim, Assistant Minister of housing for Technical Affairs, announced that the contribution of the real estate sector activities to the Egyptian national economy has increased significantly in recent years, with indicators registering about 20% of the Egyptian GDP in 2023, and Egyptian real estate is considered a store of value for both individuals and companies. Therefore, maintaining the balance of this sector is a strategic goal in the balance of the national economy.
This came during a speech delivered by Dr. Abdul Khaliq Ibrahim on behalf of the minister of Housing, Dr. Assem al-Jazzar, at the opening session of the fourth session of the real estate news conference, under the title “Real Estate and development industry”, during which he reviewed the direct and indirect returns of the real estate sector on the Egyptian citizen and the national economy.
The Assistant Minister of housing for technical affairs answered some questions about the importance of national projects implemented by the Egyptian state in the last 10 years, especially real estate sector projects, and their direct and indirect returns.
Dr. Abdel Khalek Ibrahim added that the Egyptian state has taken upon itself urban development as one of the national priorities, in addition to solving the problems accumulated over the past years, it also represents a major component of urban and economic development, and encouraging national and foreign investment.
During the past 10 years, the Egyptian state has succeeded in implementing more than two million various housing units, unlike what is being implemented by the private sector.these units are distributed among social support, attracting investment and the economic pillars of cities, especially the fourth generation cities. if it were not for the investment real estate projects in the new cities, it would not have been the development of slums and social housing projects, which were praised by international institutions, and that if it were not for New Alamein, it would not have been the head of wisdom.
He also continued: If the previous stage was the stage of building the New Republic, the current stage is the stage of reaping the fruits, as the size of the untapped real estate market in Egypt is estimated at about 200 billion pounds.
