Assistant Minister of Housing for the New Urban Communities Authority (NUCA) Waleed Abbas has stated that the government, represented by the Ministry of Housing, decided, in coordination with Prime Minister Mostafa Madbouly, to issue a set of decisions to help real estate developers in overcoming recent crisis that occurred after the liberalisation of exchange rate and the consequent increase in building materials prices.
Abbas added that these decisions came in response to demands of real estate developers, in light of the coordination that took place with investors recently to maintain prices and value of units sold in the previous period.
He said that the state is keen on continuing the growth of the property sector, as it is one of the most important economic sectors that provide huge job opportunities. In addition, it wants to maintain the tripartite system of the state, real estate developers, and citizens to ultimately serve the interests of citizens.
He disclosed that the first of these decisions is to cancel fees of some allowances, such as volume base for determining population density and the cost of urban projects in new cities, so that real estate developers can benefit from it without paying any fees to the state. Moreover, reducing fees of some other allowances by half, and the value of fees for adding a new floor or increasing building built-up areas has been reduced by half.