Abdel Hamid Al-Wazir: State facilitations for the real estate sector are an incentive for investors to expand their future plans

The facilities approved by the government will have a positive impact on the real estate sector, explaining that the decisions contribute to increasing the expansion of companies in their future plans, in addition to compensating for some of the losses that companies suffered during the last period, said Dr. Abdel Hamid Al-Wazir, Chairman of the Board of Directors of Arabisk Real Estate Development Company and Chairman of the Support and Follow-up Committee of the New Cairo Developers Association.

He added that the state’s approval of the demands of the Real Estate Development Chamber is a lifeline for real estate companies, explaining that the real estate sector has been exposed to successive crises during the last period, so the government announced a package of new facilitations to maintain the rise of the real estate sector.

The government has agreed to increase the construction percentage of projects by 10% without support fees for developers to balance the implementation cost difference, in addition to raising the rates of administrative and commercial services, which makes all projects more flexible and more capable of achieving benefit, to become from 5% to 15% instead of 8%. to 12%.

He stressed that the real estate sector is one of the most economic sectors that contribute to the gross domestic product by no less than 20%, which means that the state appreciates the importance of this sector, by announcing new facilities for developers, to contribute to the completion of their existing projects and the expansion of their future plans during the coming period.

He stressed that the real estate sector is still maintaining its stability despite the challenges it faces, stressing that with the new facilities announced by the government, the real estate sector will witness a great boom, as the developer can, through these facilities, compensate for the losses he suffered during the last period.