Prime Minister Mostafa Madbouly gave directives to quickly finalize the draft law that will regulate the real estate development activity within two months, Invest-Gate reports

This came during Madbouly’s meeting February 15 with Housing Minister Assem El Gazzar, Head of the Real Estate Development Chamber Tarek Shoukri, amongst other officials, according to a recent ministerial statement. 

The parliament’s housing committee will be invited to discuss the law after being drafted clearly to be passed to the cabinet for approval and then to the parliament for issuance.

Madbouly excluded the possibility of a real estate bubble, explaining that work is currently underway on the real estate export file.

In this regard, he noted that serious decisions have been taken such as granting residency to foreign home buyers in accordance with specific measures, stressing that the Egyptian market will remain stable due to various factors.