Real estate, construction grew 10.8% in FY 2016/17

CAIRO – 29 October 2017: The real estate and construction sectors grew 10.8 percent in fiscal year (FY) 2016/17 and shaped 18.5 percent of total investments in the first nine months of the same FY, Minister of Investment Sahar Nasr said Sunday.

Speaking at the Real Estate Debate Forum, Nasr said that mortgage finance contracts hiked 77 percent in the first half (H1) of 2017 at a value of LE 956 million ($54 million), compared to LE 540 million in H1 2016.

Mortgage finance assets offered by companies amounted to LE 3.5 billion in H1 2017, 27 percent more than the same period in H1 2016.

Nasr said that she agreed with chairman of the Egyptian Exchange Mohamed Farid and chairman of the Financial Supervisory Authority (EFSA) Mohamed Omran to develop and amend legislations of real estate funds.

“The real estate and construction sectors are among the fields strongly supported by the New Investment Law,” Nasr said, adding that the Ministry of Investment is responsible for the non-banking financial sector, including mortgage finance and financial leasing, which she said encourages investment in the sectors.

During her speech, Nasr highlighted that the government approved the executive regulation of the New Investment Law, including incentives for investors and free zones investments.