Tatweer Misr’s Managing Director and Board Member Ahmed Shalaby said that 85% of real estate purchases during the past year were for investment purposes compared to 70% recorded in 2017, Invest-Gate reports.
During the Cityscape Egypt Business Breakfast on January 14, Shalaby called on the government for the activation of mortgage finance system and boosting real estate exports, while asking real estate developers to launch new businesses and integrated development projects in Nile Delta and Upper Egypt regions.
Shalaby pointed out that the state should develop infrastructure in new cities, and then quit in due time and leave a room to the private sector.
On his part, Amr Noureldin, legal advisor to the CEO of General Authority for Investment (GAFI), said that providing affordable lands to investors is the main obstacle facing attraction of foreign direct investments (FDIs) into real estate sector, noting that the Ministry of Investment and International Cooperation is keen on addressing this problem through the provision of integrated investment zones.
Noureldin added that ministry has launched three investment zones in Banha, Meit Ghamr, and El Saf cities, while more five new zones are being developed.
