The board of directors of the Real Estate Development Chamber at the Federation of Egyptian Industries explores key successes achieved in 2022, in collaboration with the Egyptian government, Invest-Gate reports.

Chairman of the Chamber, Tarek Shoukry, notes that the chamber does its best to support developers in the market in cooperation with competent authorities.

He notes that real estate is a strategic sector contributing around 20% to the GDP and creates around 5 mn jobs.

Shoukry lists a series of successes achieved by the chamber over the year including the cabinet’s approval of extending project implementation for developers for 6 months.

The chamber participates in discussions and symposiums, and pursues the Ministry of Finance to issue legislation cutting taxes on leased units from 14% to 1%, he adds.

Shoukry says that, in the new year, the chamber plans to discuss the prices of building materials and their impact on the cost of construction and sale prices.

He also notes that the chamber will communicate with the Ministry of Housing to inquire about the situation of the 3% and 8% mortgage finance initiatives.

Furthermore, Shoukry unveils that the chamber plans to add 350 new members in 2023 to its current 862 members.