The Real Estate Development Chamber discusses various facilities with Prime Minister Mostafa Madbouly, including allowing foreigners to own an unlimited number of units, Invest-Gate reports.

Tarek Shoukry, Undersecretary of the Housing Committee in the House of Representatives, and head of the Real Estate Development Chamber reiterates that the state is keen on supporting the real estate sector as one of the driving sectors of the Egyptian economy with a contribution rate of up to 20%, and job opportunities amounting to 5 mn direct job.

He highlights the importance of government support in promoting growth and expansion plans for real estate companies to increase their investments in the market.

He adds during a meeting is held between the prime minister and board members of the Real Estate Development Chamber, in the presence of Assem El-Gazzar, Minister of Housing, Utilities and Urban Communities.

The meeting, according to Shoukry, discusses various requests including allowing foreigners to own an unlimited number of units and the acceleration of the procedures for ownership and obtaining residency and citizenship through a unit affiliated within a maximum period of thirty days.

The meeting also explores reducing interest on instalments for developers to 10% from 20% for two years, he adds.

Shoukry reveals that the meeting also discusses reducing the completion rate for projects to 80% instead of the previously approved 85% and the 95% applied in all previous decisions until March 2023.

Parties of the meeting also consider increasing the built-up-area by 10% without fees in support of developers to balance the difference in construction costs and raising the percentages of administrative and commercial services, which makes all projects more flexible and more capable of achieving benefits, from 5% to 15% instead of 8% to 12%.