Madinet Masr, a prominent urban community developer in Egypt, has launched Theqa, a groundbreaking property warranty solution from its innovation arm, Madinet Masr Innovation Labs. Theqa is designed to replace traditional maintenance deposits, offering a unique approach to one of the real estate market’s most significant challenges: the variability of maintenance costs after property handover.
Theqa’s warranty system simplifies the maintenance process for customers. Instead of a standard maintenance deposit, customers can now secure maintenance and operation services with a property warranty certificate. This certificate ensures no additional costs for up to 20 years post-receipt of the property, reflecting Madinet Masr’s commitment to fostering growth in Egypt through the development of sustainable communities.
Theqa assures superior maintenance for all Madinet Masr projects, enhancing the projects’ value and, consequently, the future value of each unit.
In Egypt’s real estate sector, maintenance deposits have long been a contentious issue. Customers typically pay 8%-10% of the unit’s total price at purchase. Later, developers may request additional funds to cover rising maintenance costs, creating financial uncertainty for customers, especially during economic fluctuations.
Abdallah Sallam, President and CEO of Madinet Masr, remarked: “This initiative is in line with our expansion strategy, which seeks to meet the diverse needs of the Egyptian market. By leveraging our 65-year legacy, we aim to introduce innovative solutions that address customer challenges, backed by our reputation for delivering top-tier real estate services in Egypt.”
Sallam further noted that Theqa resolves the ongoing issue of maintenance deposit discrepancies, adding value and alleviating financial stress for customers.
Salah Katamish, Senior Vice President of Investment and Strategy, said: “Theqa is the third innovative solution from Madinet Masr Innovation Labs. It follows the successful launches of Touba, a pioneering platform for real estate purchases and investments, and SAFE, Egypt’s first and largest fractional ownership system.”
