Arab Finance: The Egyptian Minister of Housing, Utilities, and Urban Communities Sherif El Sherbini has approved a fixed pricing system for land offerings, Head of the Real Estate Development Chamber at Federation of Egyptian Industries (FEI) Tarek Shoukry told Al Arabiya Business.

Under the current pricing system, an initial price of the land is set at the time of offering by the New Urban Communities Authority (NUCA), then the price increases according to the offers submitted by competitors to acquire the land, and the final price is determined once the contract is sealed.

However, this pricing mechanism created investment risks for real estate developers, as the cost of the land is not clearly defined in feasibility studies.

Furthermore, the housing ministry has approved the registration of developed and undeveloped lands for projects with 80% completion rate, Shoukry noted.

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