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Chamber of Real Estate Development suggests remedies to enhance the domestic market.

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The Real Estate Development Chamber proposed ten measures to revive the local property market during a meeting with Egyptian Prime Minister Mostafa Madbouly and Minister of Housing, Utilities, and Urban Communities Assem El Gazzar. The measures include allowing foreigners to own an unlimited amount of units, reducing completion rates of projects to 80% until March 2023, and increasing built-up area by 10% without extra fees. Tarek Shoukry, Chairperson of the Real Estate Development Chamber, also highlighted the state’s interest and support for the real estate sector as a contributor to up to 20% of GDP and 5 million direct job opportunities. The local market has investment opportunities and a legislative climate that attracts all investors.

The Real Estate Development Chamber has proposed 10 measures to revive the local property market, which were discussed in a meeting with Prime Minister Mostafa Madbouly and Minister of Housing, Utilities, and Urban Communities Assem El Gazzar. Tarek Shoukry, Chairperson of the Real Estate Development Chamber at the Federation of Egyptian Industries, highlighted the importance of the real estate sector in driving the Egyptian economy, with a contribution rate of up to 20% of GDP and providing job opportunities for 5 million people.

The proposed measures aim to boost sector growth and increase sales. The first measure suggests allowing foreigners to own an unlimited amount of units, while the second proposes establishing a special unit affiliated to the cabinet to carry out property ownership, residency, and citizenship procedures within 30 days. The third measure suggests offering a 10% mortgage rate for two years, while the fourth proposes a 50% reduction on land loan instalments for two years. The fifth measure suggests extending the project implementation period by 20% (at least one year), while the sixth proposes reducing the completion rate of projects to 80% until March 2023.

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The seventh measure proposes increasing the built-up area by 10% without extra fees, while the eighth suggests abolishing dumping fees. The ninth measure proposes reconsidering the pricing of industrial lands, while the tenth suggests allowing 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 made during the meeting included a study of reducing service fees from abroad and changing activity or improving the system In accordance with the latest findings of important development processes, as discussed by some real estate developers.

Shoukry also highlighted the investment opportunities and legislative climate that attract all investors to the local market, as well as the real demand for all residential units. The state’s interest and support for the real estate sector were also emphasized as crucial in driving the Egyptian economy.

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The proposed measures aim to address the challenges faced by the local property market, including the impact of the COVID-19 pandemic, which has affected the sector’s growth and sales. The measures aim to stimulate demand and increase investment in the sector, as well as attract foreign investors.

The Real Estate Development Chamber’s proposals come at a crucial time for the local property market, which has been impacted by the pandemic and other economic challenges. The measures aim to provide a boost to the sector and support its growth, which is essential in driving the Egyptian economy and providing job opportunities for millions of people.

The meeting between the Prime Minister and the Real Estate Development Chamber highlights the government’s commitment to supporting the sector and addressing the challenges it faces. The proposed measures provide a roadmap for the sector’s recovery and growth, and their implementation will be crucial in ensuring the long-term sustainability of the local property market.

Accordingly, the Real Estate Development Chamber’s proposals aim to address the challenges faced by the local property market and provide a boost to the sector’s growth and sales. The measures emphasize the importance of the real estate sector in driving the Egyptian economy and providing job opportunities for millions of people. The government’s commitment to supporting the sector is crucial in ensuring its long-term sustainability and growth.

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