Ministry of Housing, Utilities, and Urban Communities and the World Bank are currently working on a joint project to index prices of properties in news cities. The purpose of the project is to monitor the local real estate market trends, Head of Mortgage Finance Fund, May Abdel Hamid told Invest Gate.

The project will be limited to indexing prices, without setting mandatory prices. The real estate index will be used to help spot market trends and meet market demands, as well as resort to it in cases of making decisions or mandating new laws, that could impact the real estate market, whether through social housing projects, or those that serve mainly the middle and upper middle class citizens, Abdel Hamid explained.