Dr. Mostafa Madbouly, Prime Minister, chaired a meeting today at the government headquarters in the New Administrative Capital to review ongoing measures aimed at regulating the real estate market.
The meeting was attended by Eng. Randa Al-Manshawi, Minister of Housing, Utilities, and Urban Communities; Dr. Walid Abbas, Deputy Minister of Housing for Urban Communities; in addition to several officials from the concerned authorities.
Details of the Meeting
At the outset of the meeting, Prime Minister Dr. Mostafa Madbouly underscored the critical importance the government attaches to regulating procedures within the real estate market and strengthening oversight mechanisms, considering the sector one of the main pillars of the national economy.
He emphasized that the government seeks to sustain growth in this vital sector while addressing its various challenges in a way that ensures proper governance and discipline.
This approach aims to achieve a balanced protection of the rights of all stakeholders, including the state, investors (real estate developers), and citizens who have reserved housing units. The objective is to ensure the continuity and stability of the real estate sector and shield it from any irregular practices by certain parties.
During the meeting, Eng. Randa Al-Manshawi presented a draft law designed to regulate the real estate development sector and establish an official body for real estate developers, along with a classification system based on specific standards and regulations. This initiative is part of the state’s efforts to improve the investment climate, protect this key sector, and safeguard citizens’ rights.
She explained that the proposed structure for the developers’ entity follows a well-regulated model similar in framework and rules to the Egyptian Federation for Construction and Building Contractors, including classifying developers according to defined criteria.
The Minister of Housing also highlighted that strict contractual frameworks and internal regulations are already in place within the New Urban Communities Authority to take action against any violations committed by real estate developers.
These measures ensure the protection of both the state’s and citizens’ rights while enhancing the competitiveness of Egypt’s real estate market regionally and globally.
She further confirmed that new regulations will be introduced to prevent developers lacking adequate financial or technical capacity from entering the market. These rules will also enforce strict adherence to project delivery timelines to avoid delays that could negatively impact the sector’s reputation.
The aim is to maintain a fair balance between the rights of the state, clients, and serious developers, thereby ensuring the long-term sustainability of investment in this vital industry.