ArabFinance: Egypt is ready to take regulatory procedures to facilitate property ownership for foreigners in exchange for long-term residence permits, Egyptian Prime Minister Mostafa Madbouly stated on the sidelines of the Economic Conference – Egypt 2022, according to Asharq Business.

Egypt is lagging behind many countries in sales of property units, despite the big supply of high-quality properties, but it cannot be promoted as a source of free currency in Egypt, Madbouly added.

The prime minister stressed the importance of financing mechanisms to enable middle-income households to buy units with a long-term payment system.

There is still hesitation in considering housing units as guarantees, even under the mortgage system, Madbouly commented, noting that relevant identified and clear mechanisms should be put in place.