Egypt offers three-month grace period to settle overdue property dues

Egypt’s ministry of housing said on Tuesday it had approved a three-month scheme allowing individuals and investors to settle overdue payments on residential, commercial, and administrative properties, as well as land plots and coastal units developed by the New Urban Communities Authority (NUCA).

The decision, endorsed by the NUCA board chaired by Housing Minister Sherif El-Sherbiny, includes partial exemptions from late-payment fines under certain conditions. Those who pay all overdue dues in full will receive a 70 per cent exemption on fines, while a 50 per cent exemption applies if half the dues are settled. An additional 10 per cent discount will be granted for payments made within 30 days of the announcement’s publication.

The ministry said the one-time measure is intended to ease financial pressures on citizens and investors and to improve the investment climate, particularly in the real estate sector. El-Sherbiny said the initiative reflects the government’s broader efforts to support economic growth and encourage private investment in housing and urban development.

Attribution: Amwa Al Ghad English

Subediting: Y.Yasser