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Khaled Mohamed paid hundreds of thousands of pounds as a maintenance deposit for his unit in a real estate project in Egypt more than a year ago, although the project he bought four years ago has not yet come to operation. While these funds are supposed to be deposited into accounts dedicated to maintenance and operation and generate a return that helps to maintain future facilities, he says he does not know where these funds are managed, how much or how they are being disposed of.
The situation is not much different for Safwat Youssef, who paid about 700 thousand pounds as a maintenance deposit for a unit worth about 7 million pounds inside one of the compounds. Although the deposit is deposited in an account that is supposed to yield a periodic return, it occasionally receives claims for additional maintenance differences, while it does not have information on the objects of expenditure or the remaining balance of funds collected.
These questions highlight one of the most contentious issues in the Egyptian real estate market, maintenance deposits typically paid by buyers between 8% and 10% of the unit’s value, amid growing demands for greater transparency over its management and disclosure of its revenues and spending mechanisms.
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