The government is studying a proposal to establish a unified entity that includes all real estate developers, in a step aimed at reorganizing the Egyptian real estate market and raising its efficiency, through establishing an institutional framework that ensures transparency and governance, and verifies the financial and technical solvency of developers, contributing to protecting buyers, enhancing the sustainability of the sector, and preventing unqualified entrants from entering the market, Invest-Gate reports.

This approach comes as part of the state’s efforts to regulate and organize the real estate market, through classifying developers according to their technical and financial capabilities, ensuring the protection of clients and buyers, preserving the reputation of serious developers, and supporting the long-term stability of the real estate sector.

The government also aims, through this framework, to support efforts to export Egyptian real estate and enhance its regional and international competitiveness, in line with the urban boom witnessed by the country, and its direction toward developing fourth-generation cities and developing the real estate market in a more professional and organized manner.

Eng. Tarek El-Gamal: “Organizing the real estate market starts with a unified entity that enhances development quality”

Meanwhile, Eng. Tarek El-Gamal, Chairman of REDCON Properties⁠, confirmed that the proposal to establish a unified entity for real estate developers comes as a continuation of a series of recent decisions and steps taken by the government to support and regulate the real estate sector, noting that this step will have positive implications for all parties in the real estate ecosystem, whether the state, developers, investors, or clients.

Tarek El-Gamal explained that the existence of a unified entity that includes real estate developers will help the state benefit more from the diverse expertise available in the Egyptian market, by creating a clear and updated database of operating companies, enabling the concerned authorities to monitor the sector’s developments more accurately, and select developers capable of implementing urban development plans in accordance with the state’s vision and future strategy.

He added that the Egyptian real estate market includes many successful and specialized models, noting that Redcon Properties is one of the companies that has strong experience in developing mixed-use projects, which combine administrative, commercial, and service activities, in addition to its focus on sustainability concepts and developing projects that meet future needs.

He also pointed out that the roots of the Redcon Group extend through Redcon Construction, which was one of the founding members of the Federation of Egyptian Contractors since 1991, reflecting its early belief in the importance of professional entities and their role in organizing the sector and creating a more stable and transparent environment.

He pointed out that this organization will also positively impact attracting foreign investments, as it will enhance the image of the Egyptian real estate market as a more stable, organized, and clear market, which supports the real estate export file and increases Egypt’s competitiveness regionally and internationally.

Tarek El-Gamal stressed that real estate developers will benefit from having a unified reference that regulates the relationship between all parties and sets clear market standards, contributing to improving performance efficiency and project quality, while this will ultimately reflect on clients by increasing transparency levels, ensuring their rights, and enhancing trust in serious companies and their ability to comply with implementation and delivery according to the highest standards.

Eng. Amr Soliman: A Strategic Step to Organize the Market and Export Real Estate

In this context, Eng. Amr Soliman, Founder and Executive Chairman of Mountain View for Development and Real Estate Investment, commented on the proposal to establish a unified entity that includes all real estate developers, saying:
“This proposal comes at a very important time, especially with the significant growth witnessed by the sector, and the increasing volume of investments in new cities and urban development projects, and the increase in competitiveness, supply, and demand, which requires unifying all efforts under one umbrella, which is what we have previously discussed and proposed, as the establishment of a unified entity for real estate developers represents a strategic step toward enhancing the efficiency and organization of the Egyptian real estate market.”

On the other hand, this will support the state’s efforts in the real estate export file, especially since Egypt has strong opportunities that qualify it to become a regional center for real estate investment, in light of the urban boom and infrastructure that has been implemented over the past years, in addition to its role in increasing the competitiveness of Egyptian real estate regionally and internationally, by unifying standards, enhancing the quality of the real estate product, and increasing investor and customer confidence in the Egyptian market.

Soliman added: “It is important that the promotion of Egyptian real estate moves from individual efforts to a more integrated institutional model, through a platform or unified entity that allows presenting the Egyptian real estate product in a professional and well-studied manner to targeted global markets.

It will also contribute to facilitating the journey of foreign investors, and enhancing the ability of the Egyptian market to attract more foreign direct investments, through the existence of a centralized and reliable database of projects and development companies.”
He concluded: “The success of this approach depends on the continued integration between the state, the private sector, and regulatory bodies, in line with the state’s vision for sustainable urban development, and enhancing Egypt’s position as one of the most important real estate markets in the region.”

Eng. Tamer Nasser: Unifying real estate developers supports the sustainability of sector growth

Eng. Tamer Nasser, CEO of City Edge Developments⁠, confirmed that the proposal to establish a unified entity that includes all real estate developers is a positive and important step toward organizing the Egyptian real estate market, especially in light of the major urban boom witnessed by the country in recent years, and the accompanying significant expansion in the volume of investments and real estate projects.

Nasser explained that the real estate sector represents one of the main drivers of the Egyptian economy, due to its connection with various industries and economic activities, in addition to its role in supporting the urban development plans implemented by the state, stressing that the existence of a unified entity for real estate developers will contribute to enhancing coordination among different market parties, supporting the sustainability of real estate sector growth, and protecting the rights of all parties whether developers, clients, or investors.

He added that the importance of this entity lies in its ability to organize and protect the market from unregulated practices, through setting clear mechanisms for classifying real estate developers according to their financial and technical capabilities and their track record, ensuring the presence of companies capable of implementing projects according to the highest quality and commitment standards, contributing to protecting clients’ rights, in addition to preserving the reputation of the Egyptian real estate market and supporting serious developers.

Nasser pointed out that the current phase requires strengthening principles of transparency and governance within the sector, especially with the state’s direction toward preparing a more organized legislative and institutional framework for the real estate market, achieving balance between the interests of the state, developers, and clients, and enhancing the competitiveness of the Egyptian real estate market at both regional and international levels.

He also confirmed that the existence of a unified platform or entity that brings together real estate developers will represent an important opportunity to exchange expertise and perspectives and discuss common challenges collectively, in addition to enhancing dialogue with relevant government authorities regarding legislation and decisions regulating the market, contributing to achieving greater stability and sustainable growth within the real estate sector.

He added that the Egyptian real estate market has great opportunities for growth and attracting more local and foreign investments, especially in light of the state’s direction toward developing fourth-generation cities and exporting Egyptian real estate to regional and global markets, which requires continuing work on developing and improving the regulatory environment of the market and increasing its efficiency in a way that enhances investor and client confidence in the Egyptian real estate sector.

Eng. Amin Serag: An important step to reorganize the market on more professional and clear foundations

In the same context, Eng. Amin Serag, CEO of Hyde Park Developments⁠, confirmed that the proposal to establish a unified entity that includes real estate developers represents an important step toward reorganizing the Egyptian real estate market according to more professional and clear foundations, especially in light of the significant growth witnessed by the sector in recent years.

Amin Serag said that the government’s direction to establish a unified entity for real estate developers will help organize the market and set clear standards for companies according to their technical and financial capabilities, enhancing sector efficiency and protecting clients, praising the government’s cooperation with developers.

He added that Founders Real Estate Marketing, a subsidiary of Hyde Park Real Estate Development, regularly participates in meetings organized by the Ministry of Housing and relevant authorities, confirming that these meetings contribute to enhancing integration and exchanging expertise among companies.

He concluded his statements by confirming that the existence of a unified reference for real estate developers will create a more competitive environment among serious companies based on quality of execution, commitment, and technical competence, which will directly reflect on raising the level of the Egyptian real estate product and enhancing the confidence of clients and investors in the market.