Head of Real Estate Development Chamber: Rising land prices are the most important challenges for the private sector

Economy and stock exchange

Tariq Shokri, Chairman of the Real Estate Development Chamber, said that the high prices of land in the new cities represent the most important challenges for real estate developers to participate in the implementation of residential projects for the medium and limited income.

He stressed that representatives of the Chamber attended a meeting held last week for the World Bank in which officials from the Ministry of Housing and a group of developers discussed the possibility of private sector participation in the development of medium and low-income housing projects. The bank provides $ 500 million in support of building 125,000 housing units within five years .

He explained that the Chamber received proposals from a group of companies, which expressed a desire to participate in the development of this type of projects. The Chamber prepares a memorandum of proposals for submission to the Ministry of Housing.

Shukri added that the average housing is witnessing a great demand from customers. However, the high price of land prevents developers from participating in the development of these projects and the provision of land through the Ministry of Housing for a share of the units enables companies to participate in their implementation.

Shokri stressed that the Chamber aims to provide the needs of customers of the medium housing units at appropriate prices and develop the capabilities of companies to provide these units.

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