Chairman of the Real Estate Development Chamber: Prices have increased 100% and we expect a 30% increase by the end of the year

Engineer Tarek Shokri, deputy of the housing committee in the House of Representatives, and head of the real estate development chamber at the Egyptian Union of Industries, said that real estate prices have increased by nearly 100% over the last year, and are expected to reach 130% by the end of 2023, in light of the successive global and local economic changes that we are witnessing during the current period.

The economic shocks

The head of the Real Estate Development Chamber added that there is an increasing interest from citizens to buy real estate in the recent period, despite the large price increase, noting that the real estate absorbs economic shocks and is the best for investment, as it generates high profits compared to other investment means.

He pointed out in press statements that the reason for the great demand for the purchase now is the desire to preserve the value of the money from any change in the exchange rate or the rise in inflation, pointing out that there is also a significant increase in prices, but the current payment systems, which last up to 7 years, have taken the burden From the buyer to the real estate developer.

Real Estate Development

The head of the Real Estate Development Chamber at the Egyptian Union of Industries confirmed that the government approved a number of requests submitted by the Real Estate Development Chamber to facilitate real estate development companies and help them face economic changes, which reflects the government's full understanding of the role of the sector and its importance as a supporter of the local economy.

He explained that the most prominent demands that the Chamber was able to meet for the benefit of the developers is to increase the construction ratio in the projects by about 10%, either by increasing the horizontal spaces or using the facility by implementing a roof on each building according to the sizing factor, which is a very good thing.

The facilities for the real estate companies

Explained: 20% of the project area has been made available to the developer who can keep it as space land and use it to compensate the profits in the event of any losses due to the accelerated global changes.

Shukri pointed out that there are 5 ideas under study and they will be discussed before submitting them to the government in order to provide more facilities to the real estate companies, including that the interest on the land price be fixed at 10% for 4 years instead of 2 years, and a deadline for the installments will be provided, and it is expected to reach for part of the solutions and ideas outside the box before the end of this year.

Housing for all Egyptians

As the Egyptian state continues its efforts to provide decent housing for all citizens, the Ministry of Housing, represented by the Social Housing Fund, is preparing, in the coming days, to announce the new proposal for residential apartments for all Egyptians with limited income, known as Residential Apartments for All Egyptians 5.

The date of offering residential apartments for all Egyptians 5

Regarding the date of offering residential apartments for all Egyptians, preparations are underway for a new offering of residential units within the presidential initiative "Housing for all Egyptians" 2023, during the current month of November, with areas ranging between 75 and 90 meters.

According to previous statements by the Vice President of the New Urban Communities Authority, Dr. Walid Abbas, the proposal includes thousands of residential units for people with limited income, stressing the push for work on the project and attention to the national projects in all the new cities.

Apartment spaces for all Egyptians 2023

The area of residential apartments for all Egyptians 2023 that will be proposed will range between 75 and 90 meters.

Residential apartment prices for all Egyptians 2023

Apartment prices for all Egyptians in 2023 will range between 350,000 and 450,000 pounds, explaining that the prices vary based on the degree of excellence and the city where the unit is located.

Conditions for booking residential apartments for all Egyptians 5

1- The age of the applicant must not be less than 21 years.

2- The age of the applicant must not exceed 51 years.

3- The age of the pensioners should not exceed 75 years at most.

4- The applicant must not have benefited from state grants before, either housing units or plots of land.

5- Provide proof of receiving a salary of at least 2700 pounds and no more than 7000 pounds, whether you are single or married.

6- Presenting the residence document in proportion to the units available in the nearest new city, whether the place of residence or the place of work.