Beltone Financial Holding, a large Cairo-listed investment company, announced that its wholly-owned subsidiary Beltone Real Estate Finance has obtained a license to practice real estate financing activity from the Egyptian Financial Regulatory Authority (FRA), according to the company's statement on Sunday.
With this new license, Beltone aims to distinguish itself by offering unique solutions that make it the preferred choice for individuals and businesses seeking real estate finance.
“Beltone is keen to meet the growing demand for real estate financing from individuals and companies in Egypt,” Hassan Abdel-Nabi, the CEO of Beltone Real Estate Finance, said.
He expressed the company's commitment to building long-term relationships and fulfilling customers' needs at every stage of their financing journey.
The timing of this announcement could not be more opportune, as Egypt's real estate sector is currently experiencing high demand. Investors are increasingly looking forward to allocating their savings to safe assets, with real estate being the most prominent choice.
Recognizing the significance of the real estate sector, the Egyptian government has taken steps to organize and enhance it. In August, the cabinet approved a draft law that aims to establish a national electronic database for real estate.
This database will simplify the registration of old properties, which is crucial given the presence of millions of unregistered old buildings throughout the country.
Egypt is boasting one of the largest real estate sectors in the Middle East and North Africa (MENA) region. In the first half of 2023, the country ranked second in terms of the value of ongoing real estate projects, totaling $500 billion, according to a report by global property intelligence firm JLL.
The report also highlighted that $771 million worth of residential real estate projects were launched in Egypt during the same period.
Private developers play a significant role in driving real estate projects in Egypt, as the country seeks to foster greater private sector participation in the economy.
Currently, the Egyptian private real estate sector is responsible for developing $180 billion worth of real estate projects. This accounts for 66 percent of total investments in the sector and 85 percent of all ongoing real estate projects in the country, as revealed by a report from Property Finder.
The positive growth trend in the Egyptian real estate market is evident, with some companies reporting in September a remarkable 100 percent increase in real estate sales value during the first half of 2023 compared to the same period in 2022.
With the sector witnessing high demand and the government taking measures to enhance its organization, Beltone aims to provide tailored solutions and establish enduring relationships with its customers as they navigate their real estate financing journey.