Egypt’s cabinet is currently reviewing the Real Estate Development Law legally to be sent soon to the parliament for approval, Invest-Gate reports.
The announcement came during a strategic roundtable held by the Real Estate Development Chamber, affiliated to the Federation of Egyptian Industries (FEI), on January 18. The event gathered different officials and developers to tackle the chamber’s latest progress made to regulate the Egyptian real estate market and its 2020 plans.
The chamber’s chairman Tarek Shoukry said the authority seeks to find an expedient mechanism for facilitating developers’ coordination with designated administrative bodies.
This step will complement the chamber’s 2020 goals, which are set in cooperation with the ministries of housing, investment, and justice, in a bid to reach equilibrium between the government, developers, and potential investors, according to a recent press release.
Shoukry stressed that the Central Bank of Egypt’s (CBE) EGP 50 bn initiative to subsidize mortgages for middle-income homeowners, with preferential interest rates at 10%, marks a major breakthrough for the chamber in 2019, with more in the pipeline to enhance the country’s investment climate and make headway in urban development.
Shokry reckoned that the real estate sector is strong and solid, and is still achieving more sales, pointing out that the chamber is working on significant projects lately, such as developing the business environment besides easing the procedures for developers with the assistance of the investment climate committee that the prime minister launched recently.
In terms of data, Shokry stressed the chamber’s role in creating a database for investors to find all the information they may need to start their business, revealing that Q1 2020 will witness the first informative brochure will be published.
He elaborated that the chamber’s board has established a committee to support the small and medium companies.
On his part, Hany El Asaal, chairman of Misr Italia Properties and the chamber’s deputy head, noted that developers will implement for the first time on the middle-class unit, supported by the CBE’s mortgage finance initiative.