The real estate sector is witnessing a break through in the market after a long period of stagnation. The mortgage law that was passed in 2001 is currently being put into practice. The government is making some major improvements to create an infrastructure for a mortgage loan system. The real estate market in Egypt is one of the areas that still in its infancy. No clear numbers are given about the movement of the sector, though efforts are being made to populate a database with information to serve the sector. Dr. Sameh El Torgoman, head of the Egyptian Finance Authority, has estimated 5 years for the full system infrastructure to be fully operational.
- Insurance
- Management Consulting
- Appraisal Training
As a result of the implementation of the new laws, mortgage financing firms are being established and insurance companies are becoming interested in the market. As of January 16, 2005, there were only 2 mortgage loan companies in the market and two more banks were considering granting loans. It is expected that more companies will follow, allowing rapid development of the mortgage market, acting as a catalyst for the development of the Egyptian economy.
USAID Press Release on Real Estate: http://www.usaid-eg.org/detail.asp?id=33
Al-Ahram Weekly English Language Newpaper: http://weekly.ahram.org.eg
Real Estate and Construction General Information:
http://www.ameinfo.com/cgi-bin/cms/limit_country.cgi?d=1&ID=2362&Country=Egypt
Commercial Specialist in charge of the Real Estate Industry: Rania Mekhail, Rania.Mekhail@N0SPAM.mail.doc.gov