A general view of clustered buildings in Cairo, Egypt, January 28, 2018. REUTERS/Mohamed Abd El Ghany
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Egypt's government plans to pour tens of thousands of new housing units onto the market in each of the next few years, but it's not clear how easily the country can absorb them.The government is undeterred, however, and is moving full steam ahead on a new capital city 50 kilometers east of Cairo, a project designed to deliver 240,000 new housing units over the next five years.As a result, Egyptians have been snapping up apartments and villas in new desert developments, confident that housing prices have nowhere to go but up in an overcrowded country whose population is growing by 2.5 percent a year.Added together, this works out to 35.5 million units in a country with a population of 96.4 million, or 2.7 people per unit.Still, Yasseen Mansour, chairman of Palm Hills Development, one of Egypt's biggest private property developers, estimates demand for "high-middle to high-end" housing at up to 90,000 units per year, and that only 24,000 such units were supplied in 2016 .
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