Ebeid reviews steps to activate real estate market

Egypt's Prime Minister Atef Ebeid Monday presided over a ministerial meeting which reviewed steps to activate the Real Estate Market.

Cabinet Secretary General Safwat Nahhas said the meeting decided to speed up measures to set up real estate financing companies in order to provide the necessary resources to finance the Housing Support Fund.

The Real Estate Mortgage law will be activated as of July, 1st, 2003.

Housing units with a value of between 40,000 and 100,000 pounds will be offered. The payment of an advance ranging between 10 and 15 percent of the cost will be required.