The Egyptian Industries Federation’s Chamber of Real Estate Development proposes three initiatives to boost the real estate market in means to protect Egyptian and foreign investors, Invest-Gate reports.
The chamber suggests granting foreigners temporary residencies in exchange for real estate purchase of USD 250,000 or more, Invest-Gate reports. The suggestion comes as an initiative within a bundle of three, said Tarek Shoukry, who heads the chamber. “This initiative, which has been studied and presented before both President El Sisi and Minister of Housing, Utilities and Urban communities Mostafa Madbouly is anticipated to bring in USD 5 bn annually,” he added.
The second initiative will regulate advertisement within the real estate sector. Shoukry pointed out that during the recent period, some “unfortunate” companies have advertised their projects without being subject to any means of inspection, affecting the sector’s integrity. The Chamber of Real Estate Development is collaborating with the Chamber of Media Industry to regulate and ban any advertisements not carrying ministerial approvals, he noted.
The third initiative in this framework outlines the need for a new ideology in regards to unit sizes, diminishing large and unused spaces.