Egypt considers taking regulatory procedures for facilitation of property ownership for foreigners, in exchange for long-term residence permits, Egyptian Prime Minister Mostafa Madbouly states on the sidelines of the Economic Conference – Egypt 2022, Asharq Business reports.

Madbouly notes that Egypt is lagging behind several countries in sales of property units, despite the big supply of high-quality properties, adding that they cannot be promoted as a source of free currency in the country.

The prime minister highlights the significance of financing mechanisms to allow middle-income households to buy units with a long-term payment system.

He announces that there is still indecisiveness regarding considering residential units as guarantees, even under the mortgage systems.

Furthermore, Madbouly adds that relevant identified and clear mechanisms should be put in place.