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USD fees for foreign developers headline NUCA’s new North Coast rulebook: Foreign developers with projects in the North Coast will face a flat USD 20 per sqm fee to be paid in full, Asharq Business reports, citing a document from the New Urban Communities Authority (NUCA). The document — which outlines a new regulatory framework for real estate projects in the North Coast — notes that proceeds from the levy will go directly to the Tahya Misr Fund.
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Locals will pay a unified EGP 1k per sqm fee: Local developers will now be charged a standardized EGP 1k per sqm fee on land used for tourism developments under the new framework, replacing the previously tiered structure. They’ll pay 20% upfront, with the rest paid over five years at the central bank’s lending rate.
The new fee structure replaces a tiered regime introduced just weeks ago, which had developers paying up to EGP 1k/sqm on land near the coast or along the Dabaa Axis. The move sparked pushback from developers, with industry insiders warning of investor uncertainty and retroactive application.
Will Ras El Hekma land get even pricier? NUCA has temporarily halted all new land sales in the western portion of the North Coast — specifically west of Ras El Hekma — pending a review of pricing mechanisms in light of road upgrades in the area, according to the document.
Fifty developers face penalties: The new rules also suspend contracts with 50 real estate firms after they transferred part or all of their North Coast land plots to other entities without obtaining the necessary approvals. Penalties include cutting electricity and water services to their projects until overdue fees are paid.
Lagging construction could cost developers their land: The framework also introduces stricter enforcement on project timelines. Developers who fail to deliver agreed-upon hotel developments or who don’t complete at least 35% of construction within the designated period risk having their plot taken away or being fined.
