IGI Real Estate says residential units at its gated community in west Cairo, “Ashgar City,” are now listed under the Central Bank of Egypt (CBE) real estate financing initiative, in a move that aims at revitalizing the country’s mortgage industry by offering convenient payment facilities for potential buyers, Invest-Gate reports.
This came after the Egypt-based developer joined forces with the National Bank of Egypt’s (NBE) unit Al Ahly Mortgage Finance (AMF), thereby supporting clients through funding up to 80% of the value of built units, according to an official statement on November 9.
Covering an area of 85 square meters tops, houses provided under the CBE’s initiative at the 148-acre compound are presented fully finished and ready to move in through a 20% upfront and monthly installments of EGP 7,500 over 20 years.
Commenting on the news, IGI Real Estate Chairman Khaled Sheta stated, “Mortgage finance is one of the most significant tools for attracting more customers, not to mention easing homeownership for the lower- and middle-income segments.”
Nestled within a prime location across 6th of October City, Ashgar City features a total of 4,000 semi- and fully-finished residential units that vary between apartments, townhouses, and standalone villas, with areas ranging from 80 to 236 square meters.
Last July, IGI Real Estate had secured an EGP 600 mn loan facility from the NBE to bankroll the construction of Asghar City, thereby accelerating the building of on-site service components, on top of finalizing the remaining phases, with respect to the set timeframes and high-quality execution metrics, according to a previous statement.