{"id":578953,"date":"2023-01-19T04:15:08","date_gmt":"2023-01-19T04:15:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/19\/real-estate-developers-want-more-help-overcoming-the-economic-crisis\/"},"modified":"2023-01-19T04:15:08","modified_gmt":"2023-01-19T04:15:08","slug":"real-estate-developers-want-more-help-overcoming-the-economic-crisis","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/19\/real-estate-developers-want-more-help-overcoming-the-economic-crisis\/","title":{"rendered":"Real estate developers want more help overcoming the economic crisis"},"content":{"rendered":"

<\/a> Real estate associations call on authorities for suppor<\/strong>t: <\/strong>Some in the real estate industry are asking for state support as they battle the economic headwinds that the rest of the business community is presently facing. In a list of demands submitted earlier this week, the real estate divisions of the Federation of Egyptian Industries (FEI) and the Federation of Egyptian Chambers of Commerce (FEDCOC) are asking the government for a package of measures that would provide favorable lending terms and loosen rules for delivery times in a bid to help them withstand soaring inflation rates. We spoke with a number of industry players to see what they\u2019re looking for:<\/strong><\/p>\n

More time to deliver:<\/strong> Developers are asking authorities to give them a breather by extending project deadlines by 9-12 months and exempting them from late delivery fines, Mohamed El Bustani, chairman of El Bustani Group and head of the Real Estate Developers Association in New Cairo and the new administrative capital, told us. Contractors working on government projects are requesting a 4-6 month extension, according to Mohamed Sami Saad, head of the Contractors Union. Under regulations<\/a> introduced last year, developers have to complete projects within a specific time frame agreed with the Housing Ministry and face legal penalties if they don\u2019t deliver on time.<\/p>\n

Preferential borrowing costs: <\/strong>Industry figures want companies in the real estate sector to be included in the government\u2019s new subsidized loan program<\/a>, which is set to offer EGP 150 bn worth of loans at a subsidized 11% interest rate. Announced last week, the soft loans are currently only expected to be made available to companies in the industrial and agriculture sectors. Construction and real estate companies previously had access to subsidized loans under the central bank-backed scheme which has been scrapped<\/a> as part of Egypt\u2019s UD 3 bn loan agreement<\/a> with the IMF.<\/p>\n

Debt restructure + f<\/strong>avorable repayment terms:<\/strong> Developers are also angling for upcoming repayments to be rescheduled and for the government to collect payments for newly-sold lands over long-term periods of up to 10 years.<\/p>\n

Attracting foreign investment: <\/strong>They reiterated<\/a> demands for measures to increase their ability to sell property to foreigners in foreign currency and make it easier for them to purchase property.<\/p>\n

A chat with Abdalla:<\/strong> Developers also want a meeting with CBE Governor Hassan Abdalla to discuss looser financing solutions to make it easier for prospective homebuyers to purchase property amid soaring prices. This includes pushing for an approach that collateralizes the property being purchased rather than the borrower's credit capacity.<\/p>\n

The real estate sector has been coping with heightened inflation for almost a year<\/strong> in the wake of Russia\u2019s invasion of Ukraine. Soaring prices of building materials, import restrictions, and rising interest rates have pushed up costs dramatically<\/a> and led to a slowdown in the industry. In parallel, the state has not reduced what it charges developers for land; industry players have for some years now warned that land prices are prohibitively high, driving up the prices of new builds.<\/p>\n

Some firms are at risk of going bust: <\/strong>Prices of building materials have roughly doubled in price and the fall of the EGP against the USD in recent months could push some developers into insolvency, Alaa Fekry, chairman of Beta Egypt and member of the FEDCOC Real Estate Investment Division, told us. \u201cThe question is who will be able to continue and who will not. Not all companies will be able to continue.\u201d Fikry anticipates property prices to rise by at least 30% this year on the back of rising material costs.<\/p>\n

The government has provided some support already:<\/strong> In July, the government gave developers a six-month deadline extension<\/a> to complete ongoing projects in new cities after the Egyptian Businessmen\u2019s Association submitted a list of demands in April that included rescheduling repayments and extending project deadlines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Real estate associations call on authorities for support: Some in the real estate industry are asking for state support as they battle the economic headwinds that the rest of the business community is presently facing. In a list of demands submitted earlier this week, the real estate divisions of the Federation of Egyptian Industries (FEI) […]<\/p>\n","protected":false},"author":1,"featured_media":578954,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7371],"tags":[7106,104,72,916,8276,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578953","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-debt","tag-economy","tag-enterpriseam","tag-federation-of-egyptian-industries","tag-housing","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"1183f9a2-892e-44b9-9b4c-69ad08a1dba0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/329.jpg","photo_position":"above","related_issue":[578942],"teaser":"","voice_url":""},"yoast_head":"\nReal estate developers want more help overcoming the economic crisis - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/19\/real-estate-developers-want-more-help-overcoming-the-economic-crisis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Real estate developers want more help overcoming the economic crisis\" \/>\n<meta property=\"og:description\" content=\"Real estate associations call on authorities for support: Some in the real estate industry are asking for state support as they battle the economic headwinds that the rest of the business community is presently facing. 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The Federation of Egyptian Industries\u2019 real estate division is currently\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/226.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579338,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/02\/madboulys-big-presser-steals-the-show\/","url_meta":{"origin":578953,"position":1},"title":"Madbouly\u2019s big presser steals the show","author":"enterpriseam admin","date":"2 February 2023","format":false,"excerpt":"The privatization program, a lifeline for real estate developers, and golden licenses to industry dominated the conversation on last night\u2019s talk shows, as the pundits digested the torrent of news unleashed by Prime Minister Moustafa Madbouly at his post-cabinet meeting presser. 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Property developers could hike house prices by 10-15% due to the rising cost of raw materials, Tarek Shoukry, head of the Real Estate Development Chamber at the Federation of Egyptian Industries (FEI), told El Hekaya\u2019s Amr Adib (watch, runtime: 12:58).\u2026","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":575717,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/25\/investors-to-work-with-finmin-on-real-estate-tax-exemptions\/","url_meta":{"origin":578953,"position":3},"title":"Investors to work with FinMin on real estate tax exemptions","author":"enterpriseam admin","date":"25 October 2020","format":false,"excerpt":"Business leaders and lobby groups are now part of a joint committee with the Finance Ministry set up to address investor concerns, including the implementation of the Real Estate Tax Act, the ministry said in a statement on Friday. The committee \u2014 which brings together the Investors Union and Federation\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/256.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598694,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/02\/central-bank-to-subsidize-middle-income-housing-mortgage-with-egp-50-bn\/","url_meta":{"origin":578953,"position":4},"title":"Central bank to subsidize middle-income housing mortgage with EGP 50 bn","author":"enterpriseam admin","date":"2 June 2019","format":false,"excerpt":"The Central Bank of Egypt (CBE) announced on Thursday it will provide EGP 50 bn to reintroduce subsidized mortgages for middle-income homeowners, according to a statement (pdf). A committee with members from the central bank, local banks, and real estate developers will be formed to discuss the specifics of the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":601857,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/12\/developers-object-to-jail-punishment-in-new-law-in-the-making\/","url_meta":{"origin":578953,"position":5},"title":"Developers object to jail punishment in new law in the making","author":"enterpriseam admin","date":"12 March 2019","format":false,"excerpt":"LEGISLATION WATCH- Developers object to jail terms in draft real estate development law: Real estate developers have voiced objections to a bill the House of Representatives is drafting that could see developers who miss delivery deadlines face fines and prison time, Al Mal reports. Tarek Shoukry, head of the Federation\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578953","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=578953"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578953\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/578942"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/578954"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=578953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=578953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=578953"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=578953"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=578953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}