Prime Minister Dr. Mostafa Madbouly held a meeting with members of the Advisory Committee for Urban Development and Real Estate Export, attended by Minister of Housing Sherif El-Sherbiny. Madbouly emphasized the importance of regular meetings with advisory committees to listen to their visions and proposals, which contribute to enhancing performance across various sectors, particularly urban development and real estate, given their significant role in driving economic growth.
The Prime Minister highlighted the government’s efforts in following up on recommendations from advisory committees, especially in the fields of urban development and real estate export. He pointed out the Parliament’s approval of the National Real Estate ID Law and the establishment of a digital real estate platform to promote property products.
He also referred to a committee chaired by Dr. Khaled Abdel Ghaffar aimed at facilitating the entry of global brands into Egypt to boost tourism, and he invited real estate investors to collaborate in promoting Egyptian tourist destinations, particularly in the North Coast.
Committee members affirmed that the North Coast enjoys unique advantages in terms of climate and beaches, noting the increasing appeal due to entertainment events. They stressed the importance of facilitating tourist entry procedures, simplifying visa issuance, developing airports, and accelerating property registration processes for foreigners.
During the meeting, the Minister of Housing outlined the efforts being made to regulate Egypt’s real estate market, with a focus on easing property registration procedures in cooperation with the Minister of Justice. Coordination with the Minister of Communications was also noted to create a platform for exporting real estate.
The participants called for a shift in the philosophy of real estate financing to be based on the value of the property itself rather than the creditworthiness of the buyer. They proposed forming a committee to explore ways to stimulate the sector. A suggestion was made to grant each family the right to own a residential unit with preferential interest rates and installment periods not exceeding 8 years, alongside imposing restrictions on reselling units for a certain period to prevent speculative trading.