Maboudly, Real Estate Development Chamber discuss measures to boost sector



Mon, 29 May 2023 - 11:58 GMT


Mon, 29 May 2023 - 11:58 GMT

During a meeting between Prime Minister Mostafa Madbouly and members of the Real Estate Development Chamber, the chamber revealed 10 new measures that could enhance the sector’s growth and sales.

The meeting centered on discussing mechanisms and suggestions 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.

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 measures include allowing foreigners to own unlimited units, offering a ten percent mortgage rate for two years, a 50 percent reduction on land loan installments for two years, extending the project implementation period by 20 percent, reducing the completion rate of projects to 80 percent 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.

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 percent 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.



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