The head of the New Cities Implementation Authority, Hamed Abdel Hamad, confirmed that 500,000 housing units will enter the real estate market over the next five years, while he set a date for announcing 6 new cities .
Hamad said, “The new cities program is one of the largest projects in the current government, and it is a promising program to solve the housing crisis in the country in stages,” indicating that “the authority is currently working on 52 cities in all governorates, five of which have been referred and issued investment licenses, some of which have been started and some of which have completed their basic designs with modern specifications .”
He added, “Next week, 6 new cities will be announced, distributed across the governorates, including (Balad City in Salah al-Din, Mutanabbi City in Wasit, Al-Salam City in Najaf, Al-Majar Al-Kabir in Maysan, Al-Warka in Muthanna, and Ur City in Dhi Qar) .”
He pointed out that “the government program included facilitating citizens’ access to housing units in these cities, through banking facilities for citizens,” noting that “there is a study to increase the amounts for citizens and banking facilities through easy payment for citizens over long periods of time,” noting that “the time periods for completing the project were set within the criteria for comparison for investors .”
He stressed that “the number of residential units that will enter the real estate market ranges from 400 to 500 thousand residential units over the next five years.”
