Beta version open February 13

Egypt’s Housing Minister Extends Fixed Interest Period for Developers’ Land Installments

Engineer Sherif El-Sherbiny, Egypt’s Minister of Housing, Utilities, and Urban Communities, announced the extension of the fixed interest rate on developers’ land installments at 15%. Initially set to end on May 15, 2025, the period has now been extended by another year, concluding on May 15, 2026. This move aligns with the Ministry’s policy to alleviate the financial burdens on developers and address challenges such as the rising costs of construction materials and price volatility.

The announcement came during the Egypt Property Festival 2024 – The Best, an event dedicated to honoring influencers in Egypt’s real estate sector. The extension follows demands by the Real Estate Developers Association, led by Engineer Mohamed El-Bostany, to ease financial pressures on developers by stabilizing installment interest rates.

At the event, Engineer Sherif El-Sherbiny received two honorary shields recognizing his pivotal role in supporting the real estate sector. Expressing gratitude, he reaffirmed the Ministry’s commitment to overcoming challenges in the industry, enhancing investments, and providing diverse opportunities for developers in collaboration with the private sector.

During a panel discussion, the Minister outlined six mechanisms for offering investment opportunities in Egypt’s new cities. These include categorizing developers into tiers based on experience and enabling access to land through an online investment platform. The Ministry is also fostering partnerships with both local and foreign developers, with specific provisions for foreign companies to transact in foreign currency.

El-Sherbiny highlighted the Ministry’s expansive portfolio of investment opportunities, including tourism-related projects, particularly in the Red Sea region. He encouraged ongoing dialogue between developers and Ministry officials to explore these prospects in detail.

In closing, the Minister stressed the importance of innovative thinking and collaboration between the Ministry and developers to ensure the continued success of Egypt’s real estate sector. He reiterated that the sector is a cornerstone of economic development, driving comprehensive urbanization efforts.

The event, organized under the auspices of the Real Estate Developers Association, was co-chaired by MP Tarek Shoukry, head of the Real Estate Development Chamber at the Federation of Egyptian Industries.

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