Cairo – Mubasher: The Egyptian Minister of Planning, Hala El-Said, said on Thursday that the government is targeting for the construction and real estate development GDP to reach EGP 706 billion during fiscal year (FY) 2020/2021.

This means that the sector would grow by 4.7% year-on-year (YoY), according to a press release.

El-Said further noted that the building and construction sector’s GDP is expected to reach EGP 269.4 billion, from EGP 253.1 billion in the previous year, growing by 6.4% YoY.

Meanwhile, the GDP for the entire real estate activities are estimated to amount to EGP 413.3 billion, up from EGP 398.6 billion in FY19/20, rising by 3.7%.

The ministry also revealed that allocations for the sector have been increased amid spending on megaprojects and expansion in social housing projects.

Investments in the real estate development sector amounted to EGP 136.4 billion, growing by 18.5% YoY.

Real estate activities account for 45.6%, or EGP 62.1 billion, while building and construction account for 28.5%, or EGP 38.9 billion, while water and sewage projects account for 25.9% of the total, or EGP 35.3 billion.