The Ministry of Housing and New Urban Communities, alongside several real estate companies, have begun carrying out Prime Minister Mostafa Madbouly’s initiative to promoting real estates in Egypt to markets abroad.
The Ministry of Housing held meetings with senior developers such as Talaat Moustafa Group, al-Ahli for Real Estate Development, Misr-Italia Group, Roaya Real Estate Group and Arabia Group for Real Estate Investment, to discuss the steps to carry out the initiative.
According to the initiative, the ministry aims to achieve sales revenues ranging between $2 and 3 billion from selling real estate in cooperation with the companies.
The real estate companies will offer 30 percent of their houses for sale in various Arab and European countries.
Vice Minister of Housing for National Projects Khaled Abass said that foreigners would be given a 5-year-residency in Egypt when they bought real estate for $400,000 and a 3-year-residency for when they bought real estate for $300,000.
Abass pointed out that the total volume for global real estate sales reaches $150 billion. The Egyptian government aims to achieve revenues up to $3 billion from globally selling real estate.
Edited translation from Al-Masry Al-Youm