By Hamed Mahmoud
Chief executive of Imkan Misr Abd Allah El-Nokrashi said that Egypt’s property market is well prepared to overcome Coronavirus-induced headwinds.
He also sees deepening stability and growth coming down the road by the first half of 2021, owing to innovative solutions that developers started to bring in to the market in order to forestall some clients’ propensity to delay decisions for buying residential or administrative units.
Chief executive of First Abu Dhabi-Misr Mohamed Al-Fayed unveiled the signing of a real estate agreement for financing residential units that have been delivered or set to be delivered at Al-Burouj compound, one of Egypt’s upscale integrated urban communities.
Headquartered in one of the most strategic locations between the New Administrative Capital and the 5th Settlement on Cairo-Ismailia Road, the Al-Burouj project costs up to LE47b, he said.
“This compound is made to become an urban community throbbing with life and full of opulence and excellence that caters to needs of modern living styles smacking of privacy and secured hygiene ambience. Imkan Misr seeks to provide all financing solutions in order to help its clients take the buying decision at ease”, he added.
Under the contract signed – customers can take up to 85 per cent mortgage in respect of various types of fully finished residential units, be they villas, townhouses, duplexes and apartments, at a competitive interest rate. No more than LE15m installments shall remain to be paid over 15 years, the longest in the Egyptian property market. Further still, clients are allowed to receive more mortgages in case they submit applications to add further finishing at 40 per cent of the total marketing value of the unit.
Also, clients may renew the borrowing durations for the existing owners who are interested in extending their credit beyond periods provided by the company as a default.
El-Nokrashi, for his part, expects life to return to normal in the real estate market during 2021, along with increasing volumes of sales in conjunction with the market’s solid recovery and accumulating demand in the forthcoming months. “There is a real demand for properties in Egypt, qualifying the real estate to be the safe haven investment for individuals and companies,” he added.
Al Burouj, spanning 5m sqm, comprises fully-finished 15,000 residential units, together with a complete set of amenities and services, turning the compound into a groundbreaking model. The compound comprises a business complex spreading over 120,000sq, the only business district run by East Cairo’s Smart Village. Moreover, Al Burouj Sporting Club is situated over 38,000sq and includes Africa and the Middle East’s first Manchester United Football Academy.