A large-scale government effort to meet increasing demands for housing in Egypt is set to complete construction of over 500,000 homes by the end of 2011, Reuters reported on Thursday (August 26th).
The $3.5 billion project includes more than 300,000 units already delivered, said Mohamed Galal Sayed al-Ahl, the head of the National Housing Project. "We are in the process of building 215,000 units, and God willing, will finish them by the end of next year," Ahl told Reuters.
The government sells land below the market price to private developers who then build low-income housing. Demand for housing is estimated at 360,000 units annually.
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