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Land Worth USD 2 Billion Has Been Sold Across Cairo in Last Six Months
Most of the sales have gone towards foreign investors.
Jul 30, 2023
Between January 2023 and June 2023, around USD 2 billion worth of land in Cairo has been sold to investors. According to the Minister of Housing, Assem El-Gazzar, the land was mostly located in Cairo's 10th of Ramadan, New Obour, 6th of October and New Cairo areas.
The land sales are part of the government's efforts to secure hard currency to close an estimated USD 17 billion financing gap by 2026.
In July, the Cabinet allowed foreigners to buy real estate properties without restrictions, so long as they paid in hard currency.
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