Regulatory Alerts2020-08-19
Added · Updated
Circular dated August 19, 2020 regarding the basis of the net unit area in the real estate financing initiative for middle-income people
The Central Bank of Egypt amends the maximum unit area condition for its real estate financing initiative for middle-income earners to specify a maximum net unit area of 150 square meters. This change clarifies that the 150-square-meter limit applies to net area rather than gross area, addressing a previous ambiguity that hindered the initiative's implementation. Banks are required to verify the net unit area using a real estate appraiser's report or the unit contract.