Where there are shells awaiting finishing the Developers/owners are clearly waiting for the market to rise to get higher prices. In terms of off plan dave99 is quite correct in his explanation and this is the way Developments in Spain, France, the UK & Morocco have been financed.
However, as Egypt is generally not a credit society there are many of the established Developers who have built using their own funds, rather than waiting for stage payments to come in. Once the contract is signed and they have the 30 or 40% they have most of what they need to complete the building. This gives buyers a degree of confidence as they do not have the bank guarantees as a safety net that they would get elsewhere in Europe.
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