Developing 1m residential units can increase Egypt’s GDP by EGP 2trn annually: Hisham Talaat Moustafa
Hisham Talaat Moustafa said that talks over launching a mortgage finance initiative for under-development units are very good, but the outlook must be broader.
Hisham Talaat Moustafa, Founder, and Chairperson of TMG Holding said that Egypt’s real estate market will need approximately 30m housing units within the next 30 years to absorb population growth, which is expected to increase by about 60 million people during this period.
Moustafa added that this could be achieved by providing long-term financing at appropriate interest rates.
During a panel discussion on Saturday on the sidelines of Akhbar Al-Youm’s 7th Economic Conference, the TMG Chairperson said that building 1m residential units annually will contribute to a major shift in the Egyptian economy, as they will increase the country’s GDP by around EGP 2trn, and sovereign taxes by EGP 400m.
He explained that challenges that await the local market during the next 30 years are very large and require holding an urgent conference that includes various parties from the government, the private sector, banks, and financing companies so that they can develop a unified strategy for the coming period.