Royal for Real estate Development, which is one of the leading developers of real estate in Egypt, has recently developed around 75 residential and commercial real estate projects throughout the New Cairo region in a bid to gradually expand into various markets and regions in the country.
“Today, we are developing nine different projects in Narges District in 5th Settlement, among the largest real estate projects in the country’s history,” the head of sales department at Royal for Real estate Development Saher Maged revealed.
Maged also mentioned that the recent Central Bank of Egypt (CBE) initiative fosters the real estate market and brings the benefits of development to a large segment of stakeholders, emphasizing that it gives the ability to receive loans from banks and mortgage companies with a low-interest rate of 3% and a 30-year repayment period to purchase fully finished housing units as well as funding the housing firms, providing assistance to solve the issues of customers as well as allowing the firms to recycle the money into their own projects, infrastructure, and investments.
“This initiative resolves the complex problems of the clients and to close the gap between purchasing power and the inability to allocate income for housing investments,” he noted.
Ultimately, he mentioned that the country has recently undertaken an extensive and comprehensive physical development plan leading to the establishment of several housing firms and residential construction companies and also rising standards of living for the population at large as well as rising the career growth of the new startups.
Contributed by Ahmad Emam