Egypt's real estate market needs 30mln housing units annually, Hisham Talaat says

The establishment of one million housing units will raise the gross domestic product

  
Buildings in city. Photo Taken In Cairo, Egypt. Image used for illustrative purpose only.

Buildings in city. Photo Taken In Cairo, Egypt. Image used for illustrative purpose only.

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ArabFinance: The real estate market needs 30 million housing units to meet the population that will increase by 60 million, the CEO and Managing Director of Talaat Moustafa Group Holding (TMG) Hisham Talaat Moustafa said, according to Hapi Journal website.

Long-term financing and affordable interest rates should be the main factors to focused by the mortgage sector.

The establishment of one million housing units will raise the gross domestic product by EGP 2 trillion and provide EGP 400 billion tax annually.

Earlier, Banque Misr and NBE signed an EGP 4 billion financing agreement with TMG to construct two mixed-use projects in Madinaty and Rehab.

TMG Holding is an Egypt-based company engaged in real estate investment activities. The company establishes and develops hotels and touristic and residential projects in Egypt.

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