Housing Ministry offers 50% fee reduction for unit, land waivers in new cities
Updated 9/30/2024 1:51:00 PM
Arab Finance: The Ministry of Housing, Utilities, and Urban Communities announced a 50% reduction in administrative fees for transferring ownership of residential, professional, and administrative units, shops, and lands in new cities, as per a statement.
The fee reduction will be in place for six months, offering relief to citizens and investors through the New Urban Communities Authority (NUCA).
The reduction applies to all requests that have yet to be reviewed by the sub-real estate committees within city authorities. After the six-month period, NUCA’s Board of Directors will assess whether to extend the policy.
Minister of Housing of Housing clarified that the reduction covers transfer requests for various types of units and lands across new cities governed by NUCA, including residential, commercial, and integrated urban activities.
However, projects in the Northwest Coast region and cities from earlier generations (first, second, and third) are excluded from this reduction, except for Upper Egypt cities.
Incentivizing faster property registration, the minister noted that if customers complete real estate registration within one year of the announcement in local newspapers, the discount will increase from 50% to 70%.
City authorities will finalize financial settlements after confirming the registration, following established regulations.
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