Egypt unveils new support for new cities’ real estate developers

As for the projects that have been or are being granted a grace period in exchange for fees, they will be also granted the 20% deadline extension, in addition to the possibility of scheduling all due installments.

The Egyptian government introduced a new bundle of facilitations for real estate developers of new cities, according to a cabinet statement on February 1st.

It includes a 20% deadline extension of the original period granted for the already under-construction projects.

As for the projects that have been or are being granted a grace period in exchange for fees, they will be also granted the 20% deadline extension, in addition to the possibility of scheduling all due installments.

Moreover, the government will consider projects finished when they are 85% complete, down from a previous 90%, a decision that will allow developers to finish the rest of the projects at their own pace without being fined for late delivery.