FAB signs mortgage agreement with Imkan Misr for Al Burouj
Up to EGP15mln set as a maximum mortgage for residential units with 15-year installment
Al Noqrashi: We eye growth in 2021, the real estate market is capable of absorbing Coronavirus-induced headwinds
Chief executive of Imkan Misr Abd Allah El-Nokrashi said that Egypt's property market is well prepared to overcome Coronavirus-induced headwinds.
Moreover, he sees deepening stability and growth coming down the road by the first half of 2021, owing to innovative solutions that developers started to bring in to the market in order to forestall some clients' propensity to delay decisions for buying residential or administrative units.
Chief executive of First Abu Dhabi-Misr Mohamed Al Fayed unveiled the signing of a mortgage agreement for financing residential units that have been delivered or set to be delivered at Al Burouj compound, one of Egypt's upscale integrated urban communities.
Al Burouj, situated in one of the most strategic locations between the New Administrative Capital and the 5th Settlement on Cairo-Ismailia Road, costs up to EGP47bn.
This compound is made to become an urban community throbbing with life and full of opulence and excellence that caters to needs of modern living styles smacking of privacy and secured hygiene ambience.
Imkan Misr seeks to provide all financing solutions in order to help its clients take the buying decision at ease, he added.
Under the contract signed with First Abu Dahbi Bank – Egypt, customers can take up to 85 percent mortgage in respect of various types of fully finished residential units, be they villas, townhouses, Duplexes and apartments, at a competitive interest rate. No more than EGP15mln installments shall remain to be paid over 15 years, the longest in the Egyptian property market.
Further still, clients are allowed to receive more mortgages in case they submit applications to add further finishing at 40% of the total marketing value of the unit.
Also, clients may renew the borrowing durations for the existing owners who are interested in extending their credit beyond periods provided by the company as a default.
El Nokrashi expects life to return to normalcy in the real estate market during 2021, along with increasing volumes of sales in conjunction with the market's solid recovery and accumulating demand in the forthcoming months.
"There is a real demand for properties in Egypt, qualifying the real estate to be the safe haven investment for individuals and companies."
Al Burouj, spanning 5mln sqm, consists of fully-finished upscale 15,000 residential units, together with a complete set of amenities and services, turning the compound into a groundbreaking model.
The compound comprises a business complex spreading over 120,000 sqm, the only business district run by East Cairo's Smart Village.
Moreover, Al Burouj Sporting Club is situated over 38,000sqm and includes Africa and the Middle East's first Manchester United Football Academy.
Emanating from the urge to create exceptional and harmonious community, Al Burouj consists of 300,000sqm park designed by Australia's Aspect Company, and seeks to create a sustainable hygiene community by means of creating organic agriculture-based green spaces.
Al Nokrashi added that Al Burouj sealed a deal with a SABIS-run international school with curriculums fulfilling internationally-recognized standards.
Al Burouj has a 3500-capacity theatre to host musicals, entertainment and cultural events.
First Abu Dhabi Bank is the largest bank in the United Arab Emirates and one of the biggest and safest financial institutions worldwide. The bank provides a plethora of solutions, products and banking services specially customized to meet its clients worldwide.
Imkan Misr, owned by Abu Dhabi Capital, has a varied investment portfolio consisting of 30mln sqm plots of lands at the most key locations in various countries.
Owing to Al Burouj, Imkan Misr managed to secure a distinguished position among Egypt's developers.
