Housing and Urban Communities Minister Tareq Wafiq has said that the Cabinet agreed to lower prices and offer payment facilities to encourage Egyptians living abroad to buy land in the development project “House of the Nation.”
The previous government had offered land for Egyptian expatriates in order to provide some US$3 billion in new foreign exchange reserves, which fell by 60 percent after the 25 January revolution that ousted Hosni Mubarak’s regime. Reserves have fell from US$36 billion in 2010 to US$15.1 billion.
The offer in the first phase of the project covered 7,600 land lots. Each ranged from 350 square meters to 800 square meters in five new satellite cities.
Contrary to the expectations of the previous government of Prime Minister Kamal al-Ganzouri, Egyptian expatriates showed no interest in buying land due to high prices.
Edited translation from Al-Masry Al-Youm