This came during a meeting on February 10 between the Minister of Housing, Utilities, and Urban Communities Assem El Gazzar and several real estate developers, alongside other government officials and CBE representatives.
El Gazzar stated that the ministry will reconsider the developers’ proposal of increasing population intensity per acre based on each project’s capacity and setting the volume of infrastructure facilities needed.
For his part, Deputy Minister of Housing for National Projects Khaled Abbas asserted that the ministry is reviewing developers’ requests to have easier access to funds, which would help them finish the under-construction units to be eligible for the mortgage finance.
During the meeting, Founder of Talaat Mostafa Group (TMG) Holding Hisham Talaat Mostafa revealed that the initiative will certainly be successful, yet it will take some time to be effective.
Tarek Shoukry, head of the Real Estate Development Chamber, said that the CBE’s monetary policy of cutting interest rates in the short run will lead it to decline by 3%.
Moreover, Chairman of Mountain View Amr Soliman said that the citizenship law necessitated that foreigners purchase properties from the government, not the private sector, which is why it was not activated, referring to the Greek experience in that respect.
