Nile Developments posted EGP1.2bn sales from its North 31 “Festival Towers", its first project in the New Administrative Capital, within two months.
MG Developments announced that it is targeting an expansion strategy during 2021 through a number of already existing projects, as well as a number of other projects that will be launched during the coming period
This step is also in line with Egypt's Vision 2030 and the country's digital transformation strategy, the Finance Ministry said in a statement on Tuesday.
Antoine is the Managing Director of TAMEER, the oldest real estate developer in Egypt, with a heritage of 27,500 units delivered over the last 67 years.
Its architectural design is a mix of baroque and more modern styles of French architecture.
Any house valued less than LE 2 million will be exempted from tax but its owner should present his statement before the end of this month.
The program is targeted at low and middle income citizens.
Ahmed Shalaby: Following the success of Fouka Bay, a second destination for Tatweer Misr in the North Coast was necessary to build on our unique value proposition
Lashin added in a statement, that the company aims to achieve about LE 900 million in sales from its projects during the current year 2021.
Cases exempted from the tax on real estate transactions according to the law, are "providing the property as an in-kind share in exchange for a share in the capital of a joint-stock company, provided that the corresponding shares are not disposed of for a period of five years."
The head of the authority explained, in a TV interview, that the Real Estate Registration Law requires real estate registration for the delivery of those facilities, and those facilities that have already been connected will not be cut off.
An interview with Antoine Khoury, Managing Director of Tameer
As for full 2020, ODE ended the year with net real estate sales of LE 6.2 billion, compared to LE 6.9 billion in 2019.
The company was seeking to enter the Egyptian market in 2020, but the coronavirus pandemic hindered this matter, and plans to enter it were postponed until this year.
The company’s revenues dipped to LE 50.62 million, compared to LE 59.32 million in 2019.
Sky Abu Dhabi aims to invest about LE 15 billion in Egypt within two years.
Five sectors will majorly contribute in such improvement.
Chairman of the Real Estate Tax Authority Anwar Fawzy stated that the declarations also include floors and units added to existing buildings.
This sector contributes about 16 percent of the GDP, Fawzi added, noting that privately-owned Egyptian projects constitute 70 percent of the total volume of investments in this industry.
Ahmed Sabbour speaks about the company’s new approaches to deal with the impact of COVID-19 and how the latter have reflected on market dynamics.