Banque Misr Considers Launching New Mortgage Funds
Date
11/3/2024 11:04:48 PM
(MENAFN- Daily News Egypt) Hassan Samir, Head of Real estate investment and Development at Banque Misr, has announced that the bank is considering launching new mortgage funds soon.
Samir said that financing decisions are based on the client's creditworthiness, with tailored facilities provided for each case.
Samir noted that financing is a critical aspect of real estate development, particularly as rising interest rates increase financial burdens on developers. To manage these challenges, developers are exploring conventional and innovative financing mechanisms. These efforts have led to emerging trends, such as mergers or partnerships with liquidity-rich entities to secure the needed funding.
Individual mortgage financing, widely considered by experts as a key tool for boosting property sales, remains underutilized in Egypt. The annual financing figures do not fully align with recorded sales, indicating an urgent need to expand this mechanism to support market growth.
Interest from regional and international real estate investment funds has also been growing, with investors keen to undertake projects in Egypt. However, many face obstacles due to an underdeveloped legislative and regulatory environment, often resorting to conventional methods as a result.
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