{"id":579323,"date":"2023-02-02T04:08:31","date_gmt":"2023-02-02T04:08:31","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/02\/govt-introduces-fresh-support-for-real-estate-developers-amid-economic-challenges\/"},"modified":"2023-02-02T04:08:31","modified_gmt":"2023-02-02T04:08:31","slug":"govt-introduces-fresh-support-for-real-estate-developers-amid-economic-challenges","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/02\/govt-introduces-fresh-support-for-real-estate-developers-amid-economic-challenges\/","title":{"rendered":"Gov\u2019t introduces fresh support for real estate developers amid economic challenges"},"content":{"rendered":"

<\/a> The state answers real estate players\u2019 pleas: <\/strong>Real estate developers are now entitled to a 20% deadline extension on their projects, Prime Minister Moustafa Madbouly said at yesterday\u2019s post-cabinet meeting press conference (watch, runtime: 15:05<\/a> or read the cabinet statement<\/a>.)<\/p>\n

There\u2019s more: <\/strong>The government will also consider projects finished when they are 85% complete, down from a previous 90%, Madbouly said. This will enable developers to complete the remaining 15% of construction at their own pace without being fined for late delivery. Developers will also see a reduction in the interest rate they pay on installments for state-owned land. They will now pay 1% above the central bank lending rate, down from a prior 2%<\/p>\n

Refresher:<\/strong> Real estate players have been demanding<\/a> state support as they battle the economic headwinds that the rest of the business community is presently facing. Developers had asked for 9-12 month extensions on their projects and to exempt them from penalties for late delivery. They\u2019re also seeking government support in the form of financing facilities to help keep the sector afloat, according to a number of real estate players we spoke to last month<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The state answers real estate players\u2019 pleas: Real estate developers are now entitled to a 20% deadline extension on their projects, Prime Minister Moustafa Madbouly said at yesterday\u2019s post-cabinet meeting press conference (watch, runtime: 15:05 or read the cabinet statement.) There\u2019s more: The government will also consider projects finished when they are 85% complete, down […]<\/p>\n","protected":false},"author":1,"featured_media":579324,"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":[72,281,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-579323","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-enterpriseam","tag-moustafa-madbouly","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"04aeeb0e-94ef-488b-8ea9-320c3f16c90e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/33.jpg","photo_position":"above","related_issue":[579316],"teaser":"","voice_url":""},"yoast_head":"\nGov\u2019t introduces fresh support for real estate developers amid economic challenges - 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\/02\/02\/govt-introduces-fresh-support-for-real-estate-developers-amid-economic-challenges\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t introduces fresh support for real estate developers amid economic challenges\" \/>\n<meta property=\"og:description\" content=\"The state answers real estate players\u2019 pleas: Real estate developers are now entitled to a 20% deadline extension on their projects, Prime Minister Moustafa Madbouly said at yesterday\u2019s post-cabinet meeting press conference (watch, runtime: 15:05 or read the cabinet statement.) There\u2019s more: The government will also consider projects finished when they are 85% complete, down […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/02\/govt-introduces-fresh-support-for-real-estate-developers-amid-economic-challenges\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-02T04:08:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/33.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/02\/govt-introduces-fresh-support-for-real-estate-developers-amid-economic-challenges\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/02\/govt-introduces-fresh-support-for-real-estate-developers-amid-economic-challenges\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Gov\u2019t introduces fresh support for real estate developers amid economic challenges\",\"datePublished\":\"2023-02-02T04:08:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/02\/govt-introduces-fresh-support-for-real-estate-developers-amid-economic-challenges\/\"},\"wordCount\":197,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/02\/govt-introduces-fresh-support-for-real-estate-developers-amid-economic-challenges\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/33.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"Moustafa Madbouly\",\"real estate\"],\"articleSection\":[\"Real estate\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/02\/govt-introduces-fresh-support-for-real-estate-developers-amid-economic-challenges\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/02\/govt-introduces-fresh-support-for-real-estate-developers-amid-economic-challenges\/\",\"name\":\"Gov\u2019t introduces fresh support for real estate developers amid economic challenges - 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