City Edge Developments (CED) and the Suez Canal Bank (SCB) have signed a collaboration protocol to support the government’s efforts to offer and tailor more mortgage facilities to citizens.
The finance contract aims to help citizens step onto the real estate ownership ladder or invest in them. It comes in light of the recent Central Bank of Egypt’s (CBE) initiative offering more mortgage finance plans, particularly to middle- and low-income citizens.
Under the protocol, CED and SCB have agreed to provide convenient payment plans for customers with the real estate developers through three systems.
The first of these provides mortgage financing to customers over a 20-year period of instalments, and at a minimum deposit of 20%. The second system offers various payment plans over 10 years for units not included under the CBE initiative, in accordance with Egypt’s mortgage finance system and law. The third system presents various payment plans, extending up to 10 years, to contracting clients that wish to sell units to others according to the resale system.
CED Chairperson Ashraf Salman pointed out that his company seeks further collaborations with other entities to achieve its vision of developing the real estate market, and Egypt’s economy in general.
Mohamed El Mikawi, CEO of CED, said that real estate mortgage finance is one of the most important tools to attract more clients to real estate products. This, in turn, will positively affect the performance of Egypt’s real estate market in general.
“City Edge Developments is committed to provide more convenient payment plans to its clients in order to facilitate the payments of the current and future customers, so they can get the units they are looking for at the best instalments and payment plans,” El Mikawi added. “Additionally, collaboration between real estate and banking and finance sectors is important to come up with new mortgage finance solutions and plans.”
As a real estate company, CED develops, manages, and markets several projects at different locations, including Sheikh Zayed, New Alamein, and New Mansoura. These projects come in addition to residential, commercial, and administrative projects in the New Administrative Capital (NAC).