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Cairo, Egypt – JLL has shared insights on the likely impact on Egypt’s property market following the announcement by the Central Bank of Egypt (CBE) that it has launched a new mortgage finance programme with a 3% interest rate.
The new mortgage financing programme is directed at low and middle-income Egyptians to support their ability to own housing units through long-term loans of up to 30 years with low interest that does not exceed 3%.
Ayman Sami, Country Head, JLL Egypt, said: “This initiative is the first of its kind in Egypt with such a low interest rate and the longest settlement duration that has ever been witnessed. The residential real estate market has been impacted by the lack of affordability which continued to put pressure on developers and buyers. Given Egypt has a large population base and the majority of buyers are in the mid-to-low income bracket, this initiative will help boost demand in this sector and the wider economy.
“The Egyptian government has been praised by international organizations for the economic reforms that took place over the past couple of years, including managing to have positive growth during the COVID period. With real estate continuing to be a high contributor to the country’s GDP, we expect this move by the government to bring further positive results going forward.”
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About JLL MEA
Across the Middle East and Africa (MEA) JLL is a leading player in the real estate and hospitality services markets. The firm has worked in 35 countries across the region and employs over 1000 internationally qualified professionals across its offices in Dubai, Abu Dhabi, Riyadh, Jeddah, Al Khobar, Cairo, Casablanca and Johannesburg. For further information, visit www.jll-mena.com.
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Email: Medha.Sandrasagara@eu.jll.com
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