The Ministry of Housing and New Urban Communities of Egypt has offered foreign investors 10 plots of land in 4 new cities with a total area of 1578 acres.
The condition for obtaining Egyptian land is to work with applications submitted by companies in which the share of a foreign partner or partners is at least 60% of the capital of the company for the allocation of land under the application system.
The housing specifies a number of conditions that must be met by investors in order to take the land, perhaps the most important of which is the payment of 5% upon application and the completion of 20%, which the company undertakes to comply with. payment within a month from the date of application, and other large areas that provide for payment of 5% upon application. And another 5% before receiving the land. In both cases, 1% administrative costs and 0.5% are added to the board of trustees when provided that the final price approved by the main real estate committee is considered.
It also stipulated that the remainder of the value of the land must be paid in 10 equal semi-annual installments in US dollars from outside the country, provided that the first payment must be made after 6 months from the date indicated for the payment of the advance payment, and the investor bears all payments with a financial burden set in accordance with the interest declared by the Central Bank from the date of notice of approval of the Board of Directors until the date of payment in addition to 2% in accordance with the instructions of the Ministry of Finance and 0.5% of administrative expenses.
And the Ministry of Housing indicated in its terms and conditions that the areas declared to investors are in short supply and are increasing, according to the final determination issued by the Department of Geodesy under the city administration.
Source: Cairo 24