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Viewing cable 09CAIRO417, Housing in Egypt- Construction Everywhere but No Place to
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| Reference ID | Created | Released | Classification | Origin |
|---|---|---|---|---|
| 09CAIRO417 | 2009-03-11 14:08 | 2011-08-24 16:30 | UNCLASSIFIED//FOR OFFICIAL USE ONLY | Embassy Cairo |
VZCZCXYZ0000
RR RUEHWEB
DE RUEHEG #0417/01 0701408
ZNR UUUUU ZZH
R 111408Z MAR 09
FM AMEMBASSY CAIRO
TO RUEHC/SECSTATE WASHDC 1834
INFO RUCPDOC/DEPT OF COMMERCE WASHDC
RUEATRS/DEPT OF TREASURY WASHDC
UNCLAS CAIRO 000417
SIPDIS
SENSITIVE
E.O. 12958: N/A
TAGS: ECON EFIN EINV PGOV PREL EG
SUBJECT: Housing in Egypt- Construction Everywhere but No Place to
Live
¶1. (U) Key Points
-- The housing market in Egypt is marked by extreme
contradiction. In recent years, the country has witnessed an
unparalleled building boom alongside an extreme housing shortage for
the poor and the middle class.
-- Prices for high end housing for the wealthiest five percent
of the population have skyrocketed in the last few years, fuelled,
in part, by oil-rich Gulf investors. Oversupply and the economic
slowdown will likely deflate the high-end housing bubble.
-- There remains a chronic housing shortage for low and
middle-income buyers. With an estimated four million unit shortfall,
Cairo residents have increasingly turned to informal housing
solutions which are dangerous and unregulated.
-- The GOE's response to the housing crisis, the National
Housing Program, has provided some subsidized housing units to the
poor, but far fewer than are needed and often in unattractive
locations.
-- Cairo's outdated rent control laws and underdeveloped
mortgage market have contributed to the dearth of options for middle
income renters and homebuyers.
-- Despite government incentives, private sector builders have
been reluctant to build for lower income buyers, opting instead to
continue developing high-margin housing for the wealthy.
¶2. (SBU) Comment: In addition to basic requirements for shelter,
the ongoing lack of affordable housing is having profound social
impact as well. In Egypt, providing a home is a pre-requisite for
marriage and with housing priced well out of reach for many would-be
grooms, marriages are being put of by years, and many single
Egyptians continue living in their parents' homes into their 30's.
¶3. (SBU) The GOE's insufficient responses to the ongoing housing
crisis have also led to myriad informal and often unsafe housing
solutions. The GOE's national housing program is a good start at
addressing the crisis, but its progress has been halting and
insufficient. Problems in zoning, rent-control, and mortgage-law
alongside rampant corruption and government inefficiency have made
the translation of "need" into market demand extremely difficult.
As result, the private sector has been unwilling or unable to be a
significant part of the solution. As with many issues in Egypt,
reform in the sector will have to be driven by the government. Such
reform won't be easy, and it is unclear if the GOE has the political
will and capital to do so.
----------------------------------------
Lots of Villas, Not Enough Basic Housing
----------------------------------------
¶4. (U) The housing market in Egypt is marked by contradictions and
extremes. Throughout Cairo and into the new communities on its
outskirts, there seems no end to residential construction. Billions
of dollars have been poured into real estate both from oil-rich Gulf
investors as well as an ever growing wealthy class of Egyptians.
Egypt's economy has been growing rapidly in the past several years,
and with a population of 80 million people, the construction/housing
industry has boomed. There is very little room to build anywhere in
Cairo's center, so the only choice is to build in the periphery. At
the same time, there is a critical shortage of middle and low-income
housing units, with an estimated deficit of 4 million units.
Informal housing, which has long been an alternative solution for
many poor Egyptians, has become the norm. This cable explores the
current housing situation in Egypt and examines some of the Egyptian
government's responses to what can only be described as a worsening
situation.
--------------------------------------
Is the High-End Bubble About to Burst?
--------------------------------------
¶5. (U) What is generally referred to as the real estate "market" in
Egypt consists almost solely of the high end real estate market.
This market caters to a small fraction -- only about five percent --
of the population. Middle and low-income housing are not attractive
or as profitable to developers, and they have been reluctant to
address those segments.
¶6. (U) Since 2005, the Egyptian economy has been growing at seven
percent per year; rising incomes and rising domestic demand have
fueled higher inflation; and housing prices have more than doubled.
Developers have viewed new real estate projects as an excellent way
to make a good return. Egypt has also experienced a flood of foreign
investment, much of it from the Gulf, in real estate which has
driven up prices for both new and existing housing in the high-end
segment. As developers have sought to provide units for Egypt's
elite, excess liquidity along with what some analysts describe as a
price speculation has created a very large oversupply of high end
units. Analysts estimate the supply of high-end homes coming on the
market at 40,000 units per year while demand represents about 15,000
units per year. As Egypt experiences slower growth in 2009 (the most
optimistic estimates for growth are 3-4%, compared with 7-8% range
in the last three years), this oversupply phenomenon may become more
acute.
¶7. (U) The market has also witnessed the peculiar phenomenon that
prices have gone up along with supply. Real estate models based on
rental yields and interest rates imply that prices are in some cases
almost four times above reasonable market value. Rental yields are
generally between 3-7% of property value, which is far below
interest rates (11-13%) and inflation (20%+). Cash liquidity rather
than demand thus appears to be fueling the market.
¶8. (U) In addition to speculative pressure, there are various
explanations for the large rises in high-end real estate in Cairo.
Some of the cost increase can be attributed to the rising cost of
land. Government land sold at auction has more than doubled over the
past three years. Higher raw materials prices early in 2008 also
impacted prices. As raw materials prices fall, developers tend to
expand margins rather than lower prices.
¶9. (U) The GOE and many developers continue to insist that the
housing market is in fine shape. In November 2008, Housing Minister
Ahmed El-Magraby, gave an upbeat assessment of the real estate
sector, saying that the Egyptian market was not facing a "free
fall." According to Magraby, real estate demand in Egypt -- as
opposed to other markets -- is not "speculative." Most buyers pay
cash for real estate and hence do not access the credit market. Real
estate developers, he added, are well-financed, maintain low
inventories, and have no pressure to liquidate assets. He also
claimed that Egyptians have a certain "mentality" which prevents
them from selling at a price lower than they desire. This uniquely
Egyptian attitude, says Magraby, will lead people to take their
property off the market rather than sell at a reduced price.
¶10. (U) The behavior of the market tells a slightly different story.
Most of the high-end real estate in Egypt is sold "off plan" (that
is, before it is built) so much of current construction has been
prepaid. Truly new development is very clearly slowing. Though
Egyptian developers have by and large left their official selling
prices unchanged as the market has slowed, analysts report that not
only have unofficial (actual sales) prices dropped 15-20% but also
that the sales of new units have stalled. The Egyptian stock market
doesn't appear to share Maghraby's optimism either. The share
prices on the Cairo stock exchange of the major Egyptian developers
and construction companies are all down between 60-90% in the last
12 months. (Note: To put this into perspective, the overall Egyptian
index fell by 56% in 2008.)
----------------------------------
How the Other Half (ok, 95%) Lives
----------------------------------
¶11. (U) The explosion in housing supply has yet to impact the vast
majority of the Egyptian population. While estimates vary, many
experts point to a four million unit shortfall and demand for an
additional five million units is expected over the next ten years.
Other data tends to support this argument. Sixty-five percent of the
housing supply is informal, and millions live in slum areas. The
owner occupancy ratio in Egypt (percentage of people who own their
homes) stands at 32%, the lowest in the world according to Suha
Najjar, the Director of Research at Pharos Holdings, a Cairo-based
investment bank.
¶12. (U) There is huge, real demand for housing, with almost a
complete lack of available units. The existing housing stock is both
insufficient and inadequate to serve the needs of the populace. This
is further exacerbated by the GOE inability to address the issue and
an underdeveloped mortgage market. The government has undertaken
efforts to try to stimulate the mortgage market here, but efforts
are still in their infancy.
--------------------------------------------- ---
Vacant Housing in the Midst of an Acute Shortage
--------------------------------------------- ---
¶13. (U) Egypt is unique in that, in the midst of an overall acute
housing shortage, it has an extraordinarily high level of vacant
housing units. According to some estimates, between 20-30% of
apartments and housing units in urban areas stand empty. According
to USAID and World Bank statistics, nearly 4 million existing urban
housing units are vacant and 42% of greater Cairo's housing stock is
frozen under rent control.
¶14. (U) This phenomenon is the result of several factors. Real
estate has traditionally been one of the few avenues for investment
in what for many years was a centrally planned economy. As a low
risk, inflation-resistant investment vehicle, families looked to
real estate as a way to garner capital gains and often to provide
housing for children and grandchildren. At the same time, Egypt has
very strong tenant protection laws, with courts that are unwilling
to evict delinquent tenants, and an expansive rent-control regime.
As a result, the risks of using real estate as an income producing
vehicle far outweigh the costs of maintaining units vacant.
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The National Housing Program
----------------------------
¶15. (U) In 2005, in response to the growing crisis, the GOE launched
the National Housing Program (NHP) with the goal of providing
500,000 highly -subsidized affordable housing units by 2011 for low
income buyers. Since then, the government has shifted its target
somewhat to providing 500,000 "housing solutions" -- a subtle shift
that allows the GOE to broaden its offerings under the NHP to
include rental units as well as self-build solutions.
¶16. (U) Under the NHP, the basic unit of housing costs LE 50,000
(US$9090) to construct. The National Housing Program provides for a
LE 15,000 (US$2727) payment directly to the developer which is
dispersed in three parts: one-third at the start of construction,
another third when the roof is built, and the final third when the
whole house is complete. The purchaser then makes a down payment of
LE 5000 (US$909) and finances the remainder with monthly installment
payments over 20 years. The monthly payment starts at LE 160
(US$29) in year one and increases each year. In addition to the
cash subsidy, the government makes a large contribution to
infrastructure and provides heavily discounted land.
¶17. (U) The GOE has also put significant resources behind the "build
your own" housing scheme. According to figures released in December
2008 by the Ministry of Housing and Utilities, as of October 2008,
30,000 plots of land had been delivered to beneficiaries in 18 new
cities. According to the ministry, the lots all had access to
utilities and 14,000 of the beneficiaries had been granted
construction licenses. This system is not without its critics, who
argue that it encourages construction of informal and unsafe
housing; the GOE does not have an effective building inspection
system. The "build your own" housing program has also been plagued
by accusations of corruption and allegations that the government is
slow in providing promised utilities to the areas.
¶18. (U) Housing Minister Magraby has said that the GOE is doing its
part by investing LE 15 billion (US$2.7 billion) in infrastructure
(roads, housing, railroads, water and waste water). In a November
2008 speech, he encouraged further private sector investment to
prevent a more severe economic downturn. With regards to low-income
housing, Magreby said he hated all monopolies, including the
government's monopoly on building low-income housing. He claimed to
have signed agreements over the past year to provide 250,000 "small
units," a huge increase over the pre-2004 number of 35,000 per year.
The government looks out for the people, he insisted, though no one
can create paradise: "I wish we could give every Egyptian a free
house and swimming pool." Maghreby said that his goal in the real
estate sector is for Egyptians to be able to get a fair price in an
open market.
¶19. (U) Another strong criticism of the GOE's housing initiatives is
that it doesn't build housing where people want to live. The GOE
has by and large, focused its efforts on building housing far from
Cairo and far from places of employment and schools. This, coupled
with shoddy transportation and utility infrastructure (if any is
provided at all) has made many of the "new cities" intensely
unattractive to the intended beneficiaries and contributed to
terrible traffic conditions. Even when faced with imminent danger,
such as in the case of the rockslide-prone areas of Muqattam in
Cairo, families are extremely reluctant to move and be faced with
1-2 hour commutes in stand-still traffic on poor public transport.
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Egypt's Underdeveloped Mortgage Industry
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¶20. (U) The Egyptian government passed a mortgage finance law in
¶2001. At first there was little activity in the sector and by
mid-2005 total mortgage debt in Egypt amounted to a paltry LE 16
million (US$2.74 million). The past few years have seen much
greater growth, and by the end of the first quarter of 2008, there
were LE 2.2. billion (US$400 million) in outstanding mortgage
obligations. This number is still low for a country of the size of
Egypt, amounting to only .26% of GDP (as compared to 17% in a
country like Malaysia or 50% in the US).
¶21. (U) The creation of the Mortgage Finance Authority, several
mortgage finance companies, and a refinance company has contributed
to the rise in mortgages from near zero to a 3-4 billion LE. The
growth of mortgage finance in Egypt is hampered by several factors:
Egyptians traditionally have always wanted to own their homes
outright. It is expected that within a new couple, the husband's
family is expected to procure the home (outright), and the bride's
family is expected to outfit it. While this trend is slowly
changing, it is engrained in many. Long-term financing is largely
unavailable, with ten years being the maximum available term.
Interest rates of 11-13% also make financing unattractive for many
buyers. In addition, the legal and regulatory framework remains
weak with property registration remaining troublesome and a limited
history of courts willing to foreclose on non-performing loans.
With improved awareness, appropriate supply, and more attractive
interest rates, some real estate experts speculate that mortgage
demand could be as high as LE 40 billion (US$7.3 billion) -- more
than 10 times greater than the current mortgage market.
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The Private Sector
------------------
¶22. (U) As mentioned earlier, private sector activity in the real
estate sector has exploded in recent years, but is almost
exclusively concentrated on high-end development. Until recently,
such development has been so profitable that there has been little
movement by private sector developers to build for middle and
low-income segments. Speaking to an industry gathering, the private
sector attitude was summed up by Sherif Raafat, the Vice Chairman of
Concord International Investments, a large Egyptian fund management
company, who when asked about the chronic housing shortage for
middle and lower class Egyptians, responded that "social housing is
the responsibility of the government -- not the private sector." Few
of the gathered disagreed.
¶23. (U) One private sector company that is building low-income
housing is Orascom Housing Communities (OHC), a subsidiary of the
Orascom Group-Egypt's largest multinational corporation. OHC is
building a community consisting of 50,000 low income units in 6th of
October City, a suburb located about 20 miles from central Cairo.
The units are available to buyers who make no more than LE2500
(US$455) per month and range in price from LE 65,000 to 100,000
(US$11,820 to $18,182). Hala Bassiouini, Chairwoman of the Egyptian
Housing Finance Company, one of the largest new mortgage finance
companies, noted recently that developers are starting to understand
that they are overbuilding for the high end clients and are moving
to the mid-range clients. She cited the Orascom project as an
example of a thoughtfully designed housing solution which she thinks
will cater to middle-income clients. She noted that developers are
simply going to have to accept lower margins of return, but argues
they can still make money serving middle income clientele.
¶24. (SBU) Omar El Hitamy, OHC's Managing Director, told us that the
project is profit driven and that OHC could produce low-income
housing in a profitable way. OHC's strategy is to produce large
volumes of housing units quickly and efficiently. The project, El
Hitamy told us, is based on a model pioneered by Homex, the largest
home builder in Mexico, and supported by the Mexican government's
INFONAVIT national housing fund which provides financing for
low-income borrowers funded through the Mexican payroll tax. The
first phase of OHC construction consists of 12,000 units. 7,000
have been completed and 4,000 of those have already been sold. In
addition to the housing units, OHC has built schools and a "town
square" with shops, restaurants, and entertainment facilities. If
the Orascom project can succeed, it will be one of the first such
satellite cities to do so, as others have foundered because of lack
of necessary services and public transport.
¶25. (SBU) An important part of OHC's strategy seems to be to
minimize GOE involvement. By pledging to build low-income housing,
OHC was able to obtain its land from the government at a rate far
below market price. The government is also responsible for
providing utilities and schools. In a recent visit to the OHC site,
El Hitamy us that OHC has chosen not to rely on much GOE assistance,
since the government lacks the competence and speed required for a
successful project. OHC has built all of the infrastructure and
utilities in the community and is implementing a zero-waste
recycling program that Orascom had developed in its other high-end
housing projects. El Hitamy told us that the GOE was unable to meet
its obligations to build and staff a school, and as a result OHC
built, staffed, and runs the school as well.
¶26. (SBU) OHC has faced some difficulty in achieving a critical mass
of residents. El Hitamy shared his frustration with the fact that of
the 4000 units sold, less than ten percent were currently occupied.
This low occupancy rate comes despite the fact that 90 percent of
the units have been financed, and buyers are making mortgage
payments on empty houses. This might be due to the fact that some
purchases may have been speculative, despite government controls on
buyer eligibility. Another possibility, El Hitamy said, was that
people were disinclined to relocate in the middle of the school
year. Despite his frustrations, El Hitamy told us that OHC was
confident the project would be a success and would ultimately be
profitable. He said that the need for low-income housing was huge,
but that Egyptian mortgage financing for low-income borrowers needed
to be improved. GOE restrictions on interest rates and
payment-to-income ratios meant that very large down payments of
LE10-20,000 (US$1800-3600) were required, and these were beyond the
reach of many would-be borrowers.
SCOBEY