Egypt’s Minister of Housing, Utilities, and Urban Communities, Sherif El Sherbini, has responded positively to the demands of the Real Estate Development Chamber at the Federation of Egyptian Industries in a significant move to boost investment and support the real estate sector, Invest-Gate reports.

The Chamber’s chairman, Tarek Shoukry, presented these demands during meetings and official communications.

Shoukry expressed his gratitude to Minister El Sherbini for the swift response and ongoing support provided to real estate developers, which benefited the economy. One of the key outcomes of this cooperation is the minister’s directive to establish a fixed land price at the beginning of the offering process.

Moreover, this decision eliminates the previous system, where land prices could fluctuate between the initial offering and the final contract, creating investment uncertainties.

Shoukry highlighted that the minister has approved the registration of developed and undeveloped land for projects that have reached 80% completion.

Furthermore, this policy change provides financial leverage for developers, allowing them to fully register their projects and mitigate some of the recent financial shocks they have faced. It also facilitates faster project completion.

Also, the Chamber secured an agreement to extend the issuance of operational licenses for administrative buildings from one year to five years, with annual reviews by civil defense authorities. This change reduces the administrative burden on developers and streamlines the licensing process.

Notably, the Chamber acknowledged the minister’s earlier decision to fix the interest rate on land installments at 15% for one year, from May 2024 to May 2025, further easing the financial strain on developers.