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Invest-Gate is set to launch a new roundtable in 2023 under the rubric “Unveiling Government Incentives
for Lucrative Real Estate Investment Opportunities”. The event will shed light on the government’s
strategies to support the real estate sector, which has been receiving great attention from the state,
as it is one of the pivotal sectors of the Egyptian economy.

In this vein, the Egyptian government issued several decisions and initiatives in 2023, aiming to sustain
the functionality and momentum of the real estate sector, seeking to revitalize the industry that was
affected by the recent economic woes.

The roundtable will delve into the government’s policies for streamlining real estate financing, initiatives
to stimulate real estate exports, and the legislations endorsed to entice foreign investment and save
foreign currency. Furthermore, the event will also address facilities provided to investors to alleviate
the consequences of the currency devaluation on the real estate sector.

POINTS OF DISCUSSION

MORTGAGE:

Preparing an integrated program to promote mortgage finance.
Formation of a committee to prepare the mortgage program, through cooperation between the Financial Regulatory Authority, the Social Housing and Mortgage Finance Fund, and the Central Bank of Egypt.
Taking a set of measures to facilitate mortgage finance.

REAL ESTATE EXPORTS:

Allowing foreigners to purchase real estate for an amount of at least $300,000.
Establishing or participating in an investment project with an amount of at least $350,000.
Allowing foreigners to own unlimited number of properties.
Drafting the necessary legislative amendments to facilitate foreign ownership.
Discussing mechanisms that help in promoting real estate exports.
Real estate stock exchange has been introduced to bolster real estate exports and encourage the influx of foreign investments.

INVESTMENT LAWS:

The government passed laws to attract foreign investment and secure foreign currency.
Foreign investors can now obtain a temporary residency for one year, subject to renewal.
Amending some provisions of the investment law promulgated by Law No. 72 of 2017.
Obliging the Ministry of Finance to disburse the incentive within 45 days from the end of the deadline for submitting the tax return to encourage investors.
Developing a significant plan to attract foreign direct investment.

FACILITIES FOR DEVELOPERS AND CONSTRUCTION SECTOR:

The government provided facilities for investors to mitigate the ramifications of the Egyptian pound devaluation.
Increasing the implementation period of service and investment projects by 20%.
Granting a respite for free at 20% of the original period for all small residential plots.
Applying the average interest rate over the three months preceding the due date of installments.
Granting a respite in return for a fee to the companies allotted land plots under a usufruct system.

THE NATIONAL UNIFIED REAL ESTATE ID LAW:

The Egyptian Cabinet approved the draft law on the unified national ID of real estate.
ID cards or plates, along with database updating mechanisms, for the unified national real estate ID will be issued soon.

GREEN URBANIZATION:

The green urbanization project is underway, which aims to build 25,000 housing units in four cities.
Establishing green housing units using alternative eco- friendly building materials in Kharga City.
Afforestation of the Ring Road and the road leading to Wadi El Alamein and Wadi El Natrun, and planting 150,000 trees.