Dr. Mostafa Madbouly, Prime Minister, held a meeting today at the government headquarters in the New Capital to follow up on measures aimed at regulating the real estate market. The meeting was attended by Eng. Randa El-Menshawy, Minister of Housing, Utilities and Urban Communities, Dr. Walid Abbas, Deputy Minister of Housing for Urban Communities, and a number of officials from the relevant authorities, Invest-Gate reports.

Government Stresses the Importance of Regulating the Real Estate Market

At the beginning of the meeting, Prime Minister Dr. Mostafa Madbouly emphasized the utmost importance the government places on monitoring and regulating the mechanisms of the real estate market, considering it one of the fundamental pillars of the national economy.

The Prime Minister stressed that the government aims to maintain growth rates in this vital sector and address any challenges facing it, in a manner that ensures the achievement of the targeted governance and discipline, while establishing a full balance between the rights of all parties, including the state, investors “real estate developers,” and citizens reserving housing units.

This comes in order to ensure the sustainability of the real estate sector and protect it from any unregulated practices carried out by some parties.

Draft Law to Regulate Real Estate Developers

During the meeting, Eng. Randa El-Menshawy reviewed a draft law aimed at governing and regulating the real estate development sector, in addition to establishing an official entity for real estate developers and classifying them according to specific standards and regulations.

This comes within the framework of the state’s efforts to enhance the investment environment, preserve this important sector, and protect citizens’ rights.
The Minister explained that the proposed organizational structure for the real estate developers’ entity is based on a well-governed model similar in its mechanisms and regulations to the Egyptian Federation for Construction and Building Contractors, including the classification of real estate developers according to specific standards.

The Minister of Housing stressed that there is a package of strict contracts and internal regulations within the New Urban Communities Authority that guarantees dealing with any violations committed by any real estate developer, in a manner that ensures the protection of the state’s rights and citizens’ rights, while enhancing the competitiveness of the Egyptian real estate market at both the regional and global levels.

Eng. Randa El-Menshawy further confirmed that specific regulations will be approved to prevent the entry of any real estate developer lacking sufficient financial or technical capability to implement projects.

These regulations will also ensure commitment to the specified delivery timelines, thereby preventing any setbacks that could harm the reputation of the sector, while achieving a full balance between the rights of the state, clients, and serious developers, in order to safeguard the sustainability of investments in this vital industry.