The Real Estate Development Chamber of the Federation of Egyptian Industries and the Real Estate Investment Division of the Federation of Egyptian Chambers of Commerce (FEDCOC) praise the facilities granted to developers by the Cabinet, Invest-Gate reports.
The recent facilities enable the sector to face the current conditions and maintain the stability of the real estate market.
Tarek Shoukry, Head of the Real Estate Development Chamber at the Federation of Egyptian Industries, and Undersecretary of the housing committee at the House of Representatives, thanks the Prime Minister and Minister of Housing for the prompt response to a large part of the demands submitted by the chamber.
On behalf of myself and more than 8,000 real estate developers who are members of the Real Estate Development Chamber and the Real Estate Investment Division of the FEDCOC, I extend my sincere thanks to Prime Minister Mostafa Madbouly and the Minister of Housing Assem Al-Gazzar for their immediate response to the demands of real estate companies, Shoukry says.
Yesterday, the Egyptian government decided to extend the project delivery deadlines for developers by 20%.
The government announces that it would consider projects finished when they’re 85% complete, down from 90% previously, giving developers the chance to complete the remaining 15% of construction at their own pace without a delay penalty.