The 3% mortgage scheme to spur market rally, Mamdouh Badr El Deen
Chairperson of Arkan Palm Developments Eng. Mamdouh Badr El Deen hailed the new mortgage scheme ordained recently by Egypt's president Abd El Fattah El Sisi to the advantage of low and middle income earners, saying that it will set off an unprecedented rally in the real estate market.
Cutting the interest rate on mortgage loans helps encompassnew segments of clients and cater to the needs of categories representing real demand, he explained.
"This presidential decree will drive more companies to expand and will expedite the execution of more projects while fulfilling the needs of a broad base of middle income customers," said he, noting that the Central Bank of Egypt's initiatives proved to be real successes in the real estate sector,contributed to meeting customers' needs and increased sales.
Successive rate cuts, be they through initiatives or others, played a positive impact in the real estate market, he elaborated.
President Abd El Fattah El Sisi met with the Central Bank of Egypt governor Tarek Amer, deputy governor for banking stability Gamal Negm, deputy governor for monetary stability Ramy Abu El Naga and undersecretary Mai Abu El Naga.
The official presidential spokesman stated that the meeting handled how the Central Bank of Egypt is assisting the country's monetary and fiscal system.
The president ordered CBE to unleash a new mortgage program to the advantage of low and middle income earners so as to enable them to own residential units via long-term loans of up to 30 years at just 3% interest rate.
