Egypt Offers Perks to Lure Investment in New Cities

Egypt Offers Perks to Lure Investment in New Cities

Egypt’s New Urban Communities Authority approved incentives for real estate investors, including increased land use in new cities, Invest-Gate reports.

The incentives are valid for one year subject to the Prime Minister’s approval. NUCA will allow developers to build on 10% more land for mixed-use projects and increase the buildable area for some residential and commercial projects by as much as 15%. 

The buildable area for mixed-use and services projects can increase by up to 5%.

Housing Minister Assem El-Gazzar says developers now have up to 20% more time to complete projects under construction. NUCA will consider projects 80% complete if utilities and landscaping are finished.

“Investors must adhere to building height limits and provide parking,” El-Gazzar adds.

The steps aim to spur the development of new cities, many of which have seen slow progress. 

The new incentives may draw more backers for new cities envisioned to house millions drawn from densely populated areas like Cairo.

The new cities need private capital to develop amenities and transit to fully function, though some Egyptians prefer established neighbourhoods. Officials hope affordable housing and jobs in new cities will pull more residents in over time.


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