Government to offer housing units to citizens abroad mid-May

CAIRO – 1 May 2017:Affordable housing units will be available for Egyptians living abroad by mid May, said Mai Abdel-Hameed, Head of the Mortgage Finance Fund.

She said that the units will be available in a number of new cities in 13 governorates, adding that price of the unit will be paid in dollars.

Prices will vary according to the size and location of the unit.
The government has been selling land plots and housing units to Egyptians living abroad as part of the “Nation’s House” initiative launched a few years ago with the purpose of attracting foreign currency.

The Nation’s House scheme is part of the government’s plan to bridge a gaping budget deficit and to attract much-needed foreign currency.

The government is eyeing a budget deficit of 10.1 percent by the end of the current fiscal year 2016/2017, down from 12.2 percent in 2015/2016.