Real estate developers can expect to “reap the benefits” of the country’s new mortgage system, which is growing at a rate of 32% per year, Cairo Festival City general manager Mohamed El Mikawi has said.
“The liberalisation of the mortgage market is expected to substantially contribute to the continued economic growth of the country and the financial benefit that real estate developers can expect to reap,” a top developer said.
The reasonable housing prices are also attracting a large number of foreigners looking to move abroad.
Egypt offers a number of benefits over other markets including the absence of inheritance taxes and capital gains, as well as a temperate climate and low costs of living, have ensured that housing demand from foreigners remains high.
“There is an imbalance between demand and supply, with demand increasing a rate far higher than the housing available. It is likely to be a long time before this evens out,” added Mikawi.
Source: www.era-egypt.com
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