Prime Minister Mostafa Madbouly has met with members of the Real Estate Development Chamber in the presence of Minister of Housing, Utilities, and Urban Communities Assem El Gazzar, to discuss some solutions and proposals to revive the local property market, Tarek Shoukry, Chairperson of the Real Estate Development Chamber at the Federation of Egyptian Industries, has said.
The chamber proposed 10 measures to boost the sector growth and increase its sales. The measures include: 1) Allow foreigners to own an unlimited amount of units. 2) Establish a special unit affiliated to the cabinet to carry out property ownership, residency, and citizenship procedures within 30 days. 3) Offer 10% mortgage rate for two years. 4) Offer 50% reduction on land loan instalments for two years. 5) Extend project implementation period by 20% (at least one year). 6) Reduce completion rate of projects to 80% until March 2023. 7) Increase built-up area by 10% without extra fees. 8) Abolish dumping fees. 9) Reconsider pricing of industrial lands. 10) Allow horizontal and vertical expansion in construction.
Shoukry, who is also the undersecretary of the housing committee in the Parliament, pointed out that the most prominent demands that were made during the meeting included a study of reducing service fees from abroad – changing activity or improving the system according to important development process- according to discussions of some real estate developers.
He highlighted the state’s interest and support for the real estate sector as one of the sectors driving the Egyptian economy with a contribution rate of up to 20% of GDP with job opportunities amounting to 5 million direct job opportunities.
He elaborated that the local market enjoys huge investment opportunities and a legislative climate that attracts all investors, and a real demand for all residential units.
