According to Shoukry, the chamber suggested 10 new measures to support the real estate sector’s growth and boost sales
Prime Minister Mostafa Madbouly met with members of the Real Estate Development Chamber to open dialogue on ways to strengthen the local real estate market, Chairperson of the Real Estate Development Chamber at the Federation of Egyptian Industries, Tarek Shoukry, revealed in a statement yesterday.
According to Shoukry, the chamber suggested 10 new measures to support the real estate sector’s growth and boost sales.
The measures include allowing foreigners to own unlimited units, offering a 10% mortgage rate for 2 years, a 50% reduction on land loan installments for two years, extending the project implementation period by 20%, reducing the completion rate of projects to 80% until March 2023, and abolishing dumping fees.
The meeting also discussed creating a new cabinet-affiliated unit to facilitate certain procedures including property ownership, residency, and citizenship processes, as well as the possible reconsideration of industrial land pricing and allowing horizontal and vertical expansion in construction.
Shoukry, also the undersecretary of the Parliament’s housing committee, explained that one of the main demands by the committee was to conduct a study on reducing service fees abroad.
The chairperson also highlighted the state’s eagerness to support the real estate sector, a significant contributor to the Egyptian economy, noting that the sector creates around 5 million job opportunities while contributing to 20% of the GDP.
Shoukry emphasized the local market’s attractiveness to investors due to its wide range of investment opportunities, high demand for residential units, and appealing climate for investors.
