PM Mostafa Madbouly held a meeting Sunday to review ways to promote real estate financing activity and export real estate abroad, in the presence of Hassan Abdullah, Governor of the Central Bank, and Assem Al-Gazzar, Minister of Housing.
The Prime Minister said that today's meeting comes to review a set of measures aimed at promoting the "real estate financing" activity, providing housing units according to this financing system that benefits citizens and real estate financing companies, contributing to more activity in the real estate market, that brings about an Economical boom.
Nader Saad, the official spokesman for the Cabinet, stated that the meeting witnessed the presentation of the situation for all existing initiatives with a low return on market prices, provided that each ministry or entity assumes the cost of compensating banks for the difference in the return price of the initiatives.
The initiatives include the two “real estate financing” initiatives for low-income people at a price 3% interest” and “middle-income at an 8% interest rate”, which were transferred to the Ministry of Housing.
Saad explained that the procedures reviewed during the meeting aim to provide more facilitation for the “real estate financing” activity in the market during the next stage, which would create a boom in the real estate sector.
He added that a number of mechanisms that help in promoting real estate export activity were discussed, especially since private sector developers have distinguished projects at competitive prices.
At the end of the meeting, Madbouly directed to prepare an integrated program to promote real estate financing activity, and to work on developing clear perceptions regarding providing a boost to the activity of exporting real estate abroad, which contributes to the provision of foreign exchange.