The Ministry of Housing, Utilities & Urban Communities is exploring proposals to regulate the real estate market, including appointing a financial auditor from the FRA or the CBE to submit quarterly reports on the projects implemented by each company.
Who is affected🤷: Under the proposals, real estate developers would be divided into seven categories. By allocating land-based on developers’ financial resources & technical expertise, project delays would be prevented and financial constraints that companies face would be reduced.
Why is this important🤔: The real estate market witnessed momentum during the last period, following the directives of President Abdel Fattah Al-Sisi to compel real estate development companies not to put forward their projects until 30% of them have been completed. Several meetings were held between developers, the Prime Minister and the Minister of Housing to review the proposals. Engineer Khaled Abbas, deputy minister of housing for national projects, said that the ministry is currently studying proposals in order to direct the real estate market towards the President’s directives.
