Today, Dr. Mostafa Madbouly, Prime Minister, followed up on measures to regulate the real estate market during a meeting attended by Eng. Randa El-Menshawy, Minister of Housing, Utilities and Urban Communities, Counselor Mahmoud Helmy El-Sherif, Minister of Justice, Dr. Walid Abbas, Deputy Minister of Housing, Utilities and Urban Communities, Eng. Khaled Sediek, Chairman of the Urban Development Fund, and Dr. Mostafa Abdel Wahab, Deputy Chairman of the Fund, Invest-Gate reports.

At the beginning of the meeting, the Prime Minister stressed the significant importance attached to the real estate development, construction, and building sector in general, given its pivotal role in driving economic growth and providing thousands of job opportunities.

He emphasized the utmost necessity of regulating the real estate market in a manner that serves the comprehensive development approach adopted by the state across its various sectors, while also contributing to achieving the targeted discipline within Egypt’s real estate sector overall, ensuring transparency, and protecting the rights of all parties involved, including investors, real estate developers, and citizens.

He added that this would help regulate the relationship among these parties through clear rules. The government is also working on establishing a comprehensive database for the real estate market, which would contribute to filtering out irregular developers from the market.

Unified Entity to Classify Developers and Protect the Market

Counselor Mohamed El-Homsany, the official spokesperson for the Cabinet, stated that a proposal was reviewed regarding the establishment of a unified entity that would include all real estate developers.

The entity aims to regulate and protect this vital industry from unqualified entrants, as well as safeguard buyers and reservation holders, while ensuring compliance with transparency and governance standards and verifying the financial and technical solvency of developers.

He added that this entity is expected to classify real estate developers into several categories according to their financial and technical capabilities. This would prevent any developer lacking sufficient financial or technical capacity from undertaking or developing major projects, thereby protecting citizens who reserve units, while also preserving the reputation of serious developers.

He noted that the state seeks to maintain the sustainability of the real estate sector and prevent any setbacks that could harm its reputation, particularly with regard to delays in project delivery or the inability to fulfill obligations.

It was also noted that the government is working on preparing a legislative and institutional framework to regulate the real estate market in a way that achieves balance between the rights of the state, clients, and developers, while supporting efforts to export real estate and develop the property market.

Inventory of Unutilized Lands and Housing Units to Increase Supply

Counselor Mohamed El-Homsany, the official spokesperson for the Cabinet, further stated that the meeting discussed a number of topics and proposals related to regulating the real estate market from various organizational and legislative aspects, in a manner that contributes to market stability and enhances the competitiveness of the Egyptian real estate market at both the regional and global levels.

During the meeting, the Prime Minister also directed the preparation of a comprehensive inventory of all unused lands and residential units across the Republic, along with studying mechanisms for dealing with them in a way that contributes to accelerating their development and occupancy, while increasing the supply of real estate assets.