Words: Ashley Rigg
Published: 16th June 2010
Egypt eyes new mortgage financing law
Egypt will seek to pass a new
mortgage financing law in its next parliamentary session to
boost the growing property sector, the investment minister said
on Tuesday.
Strong local demand has helped shield Egypt's real estate
market from a global credit crunch, but analysts say it will
need to grow its tiny mortgage market and develop a more
efficient, transparent system to draw more international firms into the market.
Source: Reuters
User Comments
This is a welcome move and long overdue; it is possible to get bank mortgages on fully registered finished property but interest rates are ridiculously high. To give the industry a real boost we need financing on new off plan projects at sensible rates of interest to attract buyers from Northern and Eastern Europe where most potential investors live.
I am not suggesting a potential 'no money down', 100% finance solution but affordable finance on 60% of a project would make an enormous difference and would grow the market here dramatically.
Peter Mitry,
Egypt Real