Algeria, May 1, 2018

1

Public Promotional Apartment Prices In Algeria Bewilder Expatriates

The hopes of many members of the Algerian community settled abroad frittered away after the announcement of the prices of new accommodation addressed to them in the form of “public tender” as specified by the Ministry of Housing, Town Planning and City, which set at 58,750 Euros the price of a three-room apartment (80 square meters), while the value of a 4-room apartment (100m2), has been set at 353 million centimes, or 73,400 Euros, while a 5-room apartment (120 m²), reached a price of 88,000 Euros.
“Echorouk” polled to this effect some Algerians residing in different countries, and they all concurred that the prices are exaggerated and do not encourage the new-housing seeking expatriates to continue adhering to the LPP housing formula compared to what is offered in other countries, whether in the Maghreb region or in European countries.
Despite the fact that 16 thousand expatriates from 93 countries registered themselves in this housing formula, the number remains large compared to the proposed housing quota which does not exceed 2,247 new housing units as a first stage and distributed across 24 provinces of Algeria.
This number is likely to rise with the extension of the registration deadline set until the end of next September, as some expatriates have had a “foggy” notion until now about this housing scheme in the absence of a clear-cut project and clear time limits.
In the same context, Ms Faiza N. an expatriate living in Germany, said she and many Algerians at first hailed this housing LPP formula and bode it well, but they quickly backed down because of its ambiguity, expressing great fear that the same sorry fate could befall them similarly to the AADL housing Project.
Ms Faiza considered that the earmarking of a sum of money of this amount does not serve the expatriates, and it is better for them to raise a sum appropriate to them by purchasing an apartment according to their financial ability and to their choices, instead of investing their money in housing projects that will eventually not see the light.
As for Mr Nazim. L, who lives in Paris, he also considered that the new LPP apartment price is exaggerated and very high compared to what is available in Morocco, Tunisia or Spain and said that he is not inclined to invest in Algeria, especially that the expatriate is in front of an unclear picture of this “mysterious” housing project, as he put it.
For his part, Mr Yacine said: “I can buy two apartments in Turkey at this price in a tourist country and I know that there is a great demand to this effect by numerous persons of different nationalities”.
Mr Yacine also surmised that in that case he can acquire a new house and rent it during the period of his non-presence in this country, and this will generate a lot of money and help him in the development of other profit-yielding projects.
Mr. Yacine further argued that he visited Turkey a few months ago and actually inquired about the prices of real estate there, stressing that the price of a decent apartment in that country is set at around 24 thousand Euros.

echoroukonline



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