Real Estate Development: The establishment of a fund to support interest mechanism of the implementation of the initiative of 500 thousand apartments

Economy and stock exchange

Amr Sulaiman, Vice President of the Real Estate Development Chamber, said that implementing the initiative of the Real Estate Investment Division for the implementation of 500 thousand units for the low and medium income, must be available mechanisms to apply and related to the provision of funding.

Amr Sulaiman said in a statement to "Seventh Day" that one of the mechanisms that the Real Estate Development Chamber is seeking to implement in preparation for the implementation of the project is the establishment of a fund to support the fad, so that 1% will be allocated to all units exceeding 2 million pounds for this fund.

He explained that if this is implemented, the capital of the fund will be between 3 and 4 billion pounds, which will contribute to reducing interest on loans, especially mortgage loans for 10%, which allows the construction of units and sell to citizens with large installments.

Amr Sulaiman said that some big companies resort to the issue of securitization with the banks with checks on customer premiums, which helps the parties to benefit both the company and the bank, as well as the other benefits that the customer has in terms of obtaining On a unit with large installments.

On the decline in sales of luxury units, the Vice President of the Real Estate Development Chamber, that the decline will continue to a lot, especially as there is a state of saturation occurred within the real estate blocks of luxury units, pointing out that the saturation condition forced real estate companies to reduce the size of housing units

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