Senator Hazem El-Gendy, a member of the Egyptian Senate, stated that the Parliament’s move to amend the old rent law by referring it to the relevant committees is a positive step that has been anticipated for a long time.
In a phone interview on Al-Hayat TV channel, El-Gendy indicated that the law aims to protect the real estate wealth of property owners, explaining that there are properties currently rented out for as little as 5 Egyptian pounds per month due to the old rent system, which is what the amendment seeks to address.
He added that landlords and tenants will sit down together, and while there may be some disagreements between them, they will eventually reach a solution that satisfies all parties. He confirmed that support will be provided to help them reach such agreements. It is possible to raise rental values by certain percentages every five years to ensure fairness, while emphasizing that the new law will not harm either tenants or landlords.
The Senator explained that the draft law has been referred to the Housing Committee in the House of Representatives, which will study it in detail before initiating discussions with civil society.
El-Gendy also mentioned the possibility of offering residential units to individuals who may not be able to continue living in their current homes under the old rent system, once the law is amended. These individuals could then obtain ownership-based housing units.
He further pointed out the existence of many unutilized rented housing units, affirming that the government can easily determine their actual number across all governorates by monitoring electricity and water bills in those units.