The Prime Minister reveals ways to support the real estate sector

The real estate sector is of interest on the part of the state, as it is one of the pivotal sectors of the Egyptian economy, in view of its role in achieving many developmental, social and economic goals.

  This sector is one of the labor-intensive sectors that contribute to providing direct and indirect job opportunities, and therefore it is important to ensure the continuity of development and development of this sector, and that it is not exposed to any problems that affect its performance.

Real estate developers

The Prime Minister, Dr. Mostafa Madbouly, referred to the meetings and meetings that were held with a number of real estate developers, to discuss and discuss ways to support the real estate sector, in light of the global conditions and challenges, which were reflected in the prices and costs of building materials.

He referred to the facilitations and incentives for this vital sector, explaining that they included:

• Grants to real estate developers and investment projects (real estate, agricultural, industrial, tourism, etc.) in new cities and all state districts.

• The interest in installments is 10% for a period of two years, instead of the effective interest announced by the Central Bank.

• Extending the time period for implementing real estate projects by 20% of the total original time period for implementing these projects, in order to reduce the burdens placed on real estate investors, in addition to reducing the percentage of considering the project as completed, to become 85% instead of 90%.

Foreign ownership of real estate

The Prime Minister added: The state, through the Supreme Investment Council, took an important decision regarding allowing foreigners to own more than two properties, provided that they pay in hard currency.

  Pointing out that this decision comes within the framework of efforts to expand the export of Egyptian real estate and increase the country's hard currency earnings.

Ministry programmes

On a related level, the Ministry of Housing is racing against time to accelerate the pace of urban development in new cities, and is working to make land available to all segments of citizens and investors in order to eliminate the phenomenon of land brokerage.

The ministry offers a number of different programs for subtracting and allocating lands, whether for individuals or companies.

  It provides a monthly package of plots of land, according to the immediate allocation mechanism, with various investment activities that meet the requests and needs of companies.

  In addition to the Maskan program to provide individual lands in different areas in the new cities, and the Ministry's propositions are witnessing a great turnout from investors and real estate developers.