Developers in Egypt demand continuous, unlimited financing mechanism of mortgage loans – ZAWYA

Developers in Egypt demand continuous, unlimited financing mechanism of mortgage loans – ZAWYA

Despite agreeing on the importance of the Central Bank of Egypt's (CBE) recent initiative to finance middle-income housing with a value of EGP 50bn, real estate developers are demanding a unified, continuous, unlimited financing mechanism in the local real estate market.. Egypt's Ministry of Housing demanded the provision of logical payment periods for residential units instead of long payment periods.. Tarek Shoukry, head of Real Estate Development Chamber at the Federation of Egyptian Industries, said the customers' purchasing power has decreased despite real estate developers providing long-term payment plans over the past years, and the CBE's recent initiative to finance middle-income housing.. Egypt's real estate market in previous periods witnessed a scarcity in land offering to investors, which eventually changed when it had a good supply of lands in the market, but recently, the supply of land has increased.. Amr El Kady deputy CEO of Talaat Moustafa Group, said the CBE's recent initiative to finance middle-income housing activates sales in the secondary market, which will revive real estate sales in the coming period, and that the initiative reflects interest, interaction, and dialogue between the state and developers for more benefits for Egypt's real estate market.. Mohamed Sultan, chairperson of SID