The Real Estate Appraisal Association has requested that banks increase real estate assessment fees by 100% following the flotation of the Egyptian pound, reported Al Mal.

The board and members of the association met to reach this decision, which was welcomed by National Bank of Egypt, Banque Misr, and the Arab Investment Bank. Meanwhile, Head of the Authority Zakaria El Gohary said, “we await the response of other [banks].”

He further noted that assessment fees have remained unchanged for the past five years, thereby suggesting that they are due for an increase.

The association believes that now is the right time to increase the assessment fee, given that it has been stable for the past five years, according to El Gohary.

Furthermore, he clarified that such fees will depend on the type and value of property. “It varies from residential, commercial, villas, and/or apartments,” he noted