The Clap
The Urban Communities Authority has recently made decisions aimed at resolving the current crisis of rising prices for building materials in the real estate sector.
What
The Authority’s decisions include extending the project implementation timeline by 20% and postponing the payment of installments for real estate developers for the same period.
So what
Prime Minister Mostafa Madbouly stated that this decision is for developers who‘ve been impacted by the exceptional circumstances in the country.
Now what
Real estate companies will meet with the Central Bank of Egypt’s governor to explore further solutions to overcome the crisis.