Egypt's FEC, TRAIN partner to support food exporters    Spot Gold, futures slips on Thursday, July 17th    Egypt's EHA, Huawei discuss enhanced digital health    Egypt expresses condolences to Iraq over fire tragedy    Egypt, Oman discuss environmental cooperation    Egypt's Environment Minister attends AMCEN conference in Nairobi    At London 'Egypt Day', Finance Minister outlines pro-investment policies    Sukari Gold Mine showcases successful public–private partnership: Minister of Petroleum    Egypt's FRA chief vows to reform business environment to boost investor confidence    Egyptian, Belarusian officials discuss drug registration, market access    Syria says it will defend its territory after Israeli strikes in Suwayda    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    Sri Lanka's expat remittances up in June '25    EU–US trade talks enter 'decisive phase', German politician says    Egypt's Health Min. discusses drug localisation with Sandoz    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Euromoney opens with spotlight on housing
Published in Daily News Egypt on 16 - 05 - 2007

CAIRO: Assessing development of the Egyptian housing and real-estate finance market, the Euromoney Egypt Housing Finance Conference took place yesterday, amid high participation from politicians, business leaders, bankers and investors.
Held under the patronage of the Ministry of Investment and the Mortgage Finance Authority, the conference raised issues aiming at promoting and regulating mortgage finance in Egypt.
Addressing areas related to funding and developing housing finance in Egypt, Mahmoud Mohieldin, minister of investment, said that mortgage finance is getting more profound each year.
"Demand on buying property and housing units has been increasing intensely, he said.
He particularly referred to the recent deduction in fees required to register property, step that encouraged more people to buy land, apartments and different housing units across the country.
"Registration fees dropped from three percent of the value of the housing unit to LE 500-LE 2,000 only, the minister explained
He added that mortgage finance is not restricted to Cairo or major cities only but to the whole of Egypt including areas such as New Cairo, Sixth of October, and provinces lying North of Egypt.
"With different developments experienced in the sector, housing finance is just getting started in Egypt. And in next year's Euromoney conference, developments will multiply three-four times, stated Mohieldin.
Speakers also highlighted importance of public-private-partnerships in enhancing affordability, enabling more ordinary and middle-income Egyptians to own property and apartments.
"Middle-income and poorer Egyptians do not possess necessary financial capabilities to buy housing properties, said Osaka Sale, chairman of the Mortgage Finance Authority (MFA). "That is why, the Authority gives particular attention to this segment and gives them the chance to apply for mortgage and reimburse in easy installments over 20-30 years.
The MFA, established in 2001, oversees proper implementation of the housing finance law and supervises mortgage finance companies in Egypt. In 2006, the MFA organized allocation of 4,000 housing units given to middle-income Egyptians through the mortgage finance system.


Clic here to read the story from its source.