Real Estate Development Chamber at the Federation of Egyptian Industries (FEI) and the members of the Real Estate Investment Division at the Federation of Egyptian Chambers of Commerce (FEDCOC) hold a meeting to discuss recent developments in local real estate market.
The meeting concludes with a set to solutions to mitigate the impact of recent crisis on the market, including adding a net-zero interest period between 9 to 12 months for projects under development. Besides, postponing payment of installments and interest on lands for a period of time equivalent to the deadline granted for the development of projects for all remaining installments. The proposed adding real estate sector to the government initiative allocated for the support of Egyptian industries, which has total financing of EGP 150bn at 11% interest.
Furthermore, offering new plot of lands in installments over long periods up to 10 years, so that interest payments for installments calculated from the first year, but the payment of land installment itself starts from the fourth year of project construction.
They recommended solutions include holding a meeting with the Central Bank of Egypt’s Governor to find an immediate solution to the problems facing real estate sector. In addition, increasing efforts to export properties. Moreover, they include deeming projects as completed at 90% of construction without requiring developers to pay any differences in the cost.