Egyptian developer running out of land

Photo credit: Womeos

Developers in the country depend on the government to assign land tracts. Amid the wider political turmoil following the ousting of President Hosni Mubarak in 2011, then, real estate development has slowed significantly.

The recent overthrow of Mubarak’s replacement, President Mohammed Mursi, only added to the market’s uncertainty, leaving SODIC with just enough land for up to three years.

A land auction was planned for September before the government was ousted, but Reuters now reports that the auction has been delayed until December.

"We desperately need to replenish the land bank," SODIC's managing director, Ahmed Badrawi, told the news agency, adding that he hoped the current housing minister would go ahead with the auctions.

He commented: “Like with everything in Egypt nowadays you can't get too carried away because you don't know what potential surprises are around the corner.”