Dr. Mostafa Madbouly, Prime Minister, held a meeting to follow up on efforts to regulate and organize the real estate market in the implementation of the directives of President Abdel Fattah El-Sisi.
The meeting was attended by Eng. Randa El-Menshawy, Minister of Housing, Utilities, and Urban Communities; Dr. Walid Abbas, Deputy Minister of Housing for Urban Communities; Dr. Ahmed Emara, Supervisor of the Real Estate and Commercial Affairs Sector at the New Urban Communities Authority (NUCA); Eng. Mostafa El-Naggar, Head of the Housing and Utilities Sector at the Ministry of Housing; and a number of officials.
The Prime Minister pointed out that the meeting comes as part of implementing the directives issued by President Abdel Fattah El-Sisi concerning measures to regulate the real estate market and increase engagement with various matters related to this important sector.
This aims to ensure respect for contracts concluded with citizens in connection with real estate projects, prevent delays in the delivery of units, and ensure that real estate developers fulfill their obligations toward citizens, thereby safeguarding the rights of all citizens.
In the same context, the prime minister directed that the various problems facing a number of real estate projects be identified, along with the reasons behind the stalled projects and the parties responsible.
This includes determining whether delays are due to developers’ negligence or circumstances beyond their control, while proposing mechanisms to address these problems in a manner that safeguards rights and encourages further investment in this vital sector. During the meeting, the prime minister also highlighted previous meetings and discussions held to review the proposed draft law establishing the Egyptian Federation of Real Estate Developers.
He explained that the law would contribute to establishing a legal framework for regulating the real estate market, ensuring greater governance and balance among the various interests of market participants and protecting the rights of all parties, given the importance of this sector and its status as one of the key sectors of the Egyptian economy.
During the meeting, Eng. Randa El-Menshawy noted that the real estate investment and development sector plays a significant role in economic activities and supports the government’s development plans.
She emphasized that, just as the government pays close attention to this vital sector and constantly seeks to support and develop it, it is equally concerned with citizens who deal with real estate developers, ensuring that they receive their full rights and that the contracts concluded in this regard are respected.
The minister pointed out that serious real estate investors have clearly defined timelines, requirements, and regulations that they adhere to when implementing their real estate projects, noting that these represent the vast majority of developers in the sector.
During the meeting, she also reviewed a number of problems reported to the ministry concerning several stalled real estate projects, as well as the procedures and steps being taken to address these issues. Eng. Randa El-Menshawy explained that regulatory authorities had also requested a comprehensive inventory of stalled projects, noting that work is currently underway to complete this inventory and establish mechanisms for addressing these problems.
Regarding the draft law establishing the Egyptian Federation of Real Estate Developers, the minister noted that its draft is currently being finalized in preparation for presenting it for discussion before submitting it to the Cabinet. At the conclusion of the meeting, the prime minister affirmed that the cases of stalled projects identified so far in the sector are limited compared with the scale of operations carried out by serious developers.
He highlighted the role and importance of the real estate sector and its contributions to the Egyptian economy, reaffirming the government’s continued support for this vital sector, which includes many serious real estate developers with numerous distinguished projects both inside and outside the country. At the same time, he stressed the need for the government to support various purchasers in stalled real estate projects so that they can obtain their rights.
The Prime Minister also emphasized the importance of working to swiftly finalize the draft law establishing the Egyptian Federation of Real Estate Developers and presenting it for dialogue and discussion regarding its various provisions. The law is expected to contribute to regulating and organizing the real estate market and promoting further development of this important and vital sector.