The Real Estate Development Chamber has recently outlined its strategic plan for the new year during a meeting attended by several board members, Invest-Gate reports.
The session delved into the significant contributions and achievements benefiting real estate companies in 2023, showcasing a review of their accomplishments.
The board highlighted the pivotal role played by Tarek Shoukry, Chairman of the Real Estate Development Chamber and a member of the Housing Committee in the House of Representatives. His leadership significantly contributed to real estate companies’ success, aiding their ability to confront economic challenges that arose in the past year.
Among the focal points for the upcoming year, the chamber emphasized several vital files aimed at bolstering the capabilities of real estate companies in tackling economic challenges:
- Developing a geographical investment map with the Ministry of Housing and New Urban Communities Authority. This initiative aims to identify regions with strong investment potential, purchasing power, and insufficient real estate projects, providing companies with data to build their investment and expansion strategies.
- Continuously study market challenges and identify solutions by monitoring global and local economic changes. The goal is to engage relevant entities to tackle these challenges, ensuring the real estate market’s sustained efficiency.
- Securing a new headquarters for the Real Estate Development Chamber due to the increase in the number of members. The committee is considering several locations and will decide based on multiple factors.
- Discussing garage codes in real estate projects, aiming to address significant obstacles faced by companies by proposing modifications to the current building code.
- Addressing real estate companies’ tax issues through coordination with the Ministry of Finance to ensure taxes align with the chamber’s input.
- Compiling a list of challenges faced by companies operating in the New Administrative Capital to present to Khaled Abbas, Chairman of the Board and Managing Director of the New Urban Communities Authority.
- Increasing the chamber’s membership by 40% compared to the previous year, aiming to represent more real estate companies.
- Continuing work on the real estate export file, a project of national interest aimed at boosting Egypt’s foreign currency reserves and stimulating real estate company sales.
Hany El Assal, Deputy Chairman of the Real Estate Development Chamber, emphasized the board’s commitment to supporting real estate companies and managing discussions on crucial market issues. He stressed the importance of the government understanding the sector’s challenges and aligning objectives for a robust market that contributes over 20% to the national GDP and is a significant pillar of the Egyptian economy.