Prime Minister Mostafa Madbouly holds a meeting to complete the discussions on the real estate market regulation mechanisms and controls in Egypt, Invest-Gate reports.
The official meeting is held in the presence of Minister of Housing, Utilities and Urban Communities Assem El-Gazzar, Deputy Minister of Housing For National Projects Khaled Abbas, Vice Chairman of the Arab African Bank Sherif Elwy, Deputy Chairman of the National Bank Deputy Chairman of the Board of Directors of the National Bank Yahya Aboul Fotouh, Sub Governor of the Central Bank Mohamed Aboumoussa, and a number of real estate developers.
This meeting is to set controls to regulate the real estate market. Madbouly asserts that the real estate market regulation mechanisms aim to support the serious real estate developers, in parallel with preserving the clients’ rights, the ministerial statement reveals.
For his part, Minister of Housing Assem El Gazzar indicates that a series of meetings were held to discuss a number of proposed controls and mechanisms with several real estate developers, the ministerial statement adds.
Furthermore, he declares that the proposed controls relate to the implementation of the project’s phase, the mechanism for selling housing units, the controls for disposing of maintenance amounts collected from buyers, and the mechanism for disposing of cases of breach of conditions. In the same context, Madbouly directs to readjust some of the points raised during the meeting and finalize their declaration.