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Al-Zaieem
answers all your questions about Egypt. Ask him your question here.
Springtime
pursuits
Sherif asks:
I would like to know how a mortgage will work? What will I
have to pay per month? What are the current interest rates charged?
Do the rates change? What happens if I can't pay anymore? How much
can I borrow and for how long? What if the price of the apartment
goes down?
Slow down, son. It’s all "a little too early to tell" on
most of your questions.
Egypt’s first real mortgage
law was just passed last year and hasn’t been implemented yet.
According to Al-Zaieem’s
crack team of economic advisors, a new regulatory authority has been
formed to oversee mortgage transactions, but that’s about as far
as it has gone.
The most optimistic estimate
on the actual implementation is 6-9 months and Al Zaieem is betting
that’s low.
So check back in the spring.
Meanwhile,
on to the next question...
Glyn Round asks:
Please help me, I am due to visit Cairo next year and I would
love a hot air balloon flight, do you know of anyone that does them?
There are apparently two
different companies near Luxor that offer
ballooning. The cost is around $200 and includes a meal. You
can ask at any hotel or travel agent down there.
According to their web site,
a "Balloons Over Egypt" desk is located in the lobby of
Luxor's Hilton, Sheraton, Movenpick and Isis hotels. The site also
lists the following numbers: Luxor (095) 370638; Cairo: (202)
5701905/6/7.
That’s the only ballooning
opportunity in the country that Al-Zaieem knows about. If anyone out
there knows of anything else, write in and share the love.
Al-Zaieem
answers all your questions about Egypt. Ask him your question here.
Browse
previous Ask Al-Zaieem columns here.
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