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Arab Finance: The Egyptian government is studying a proposal to establish a unified entity encompassing all real estate developers to regulate the sector, Mohamed El-Homsany, Prime Minister's Spokesperson, noted.
The proposed entity, announced during a meeting led by Prime Minister Mostafa Madbouly, will ensure transparency and good governance and verify the financial and technical solvency of developers.
It will classify real estate developers into several tiers based on their financial and technical skills to prevent the entry of any developer lacking the necessary capabilities to execute or develop a large project, thus protecting citizens’ rights.
For his part, Madbouly affirmed that the government is creating a comprehensive real estate market database, which will help eliminate non-compliant developers.
It is also preparing a legislative and institutional framework to regulate the market, ensuring a balance between the rights of the state, clients, and developers, while supporting efforts to promote real estate exports and market development.
Finally, Madbouly directed officials to prepare a nationwide inventory of undeveloped land and unoccupied residential units and study mechanisms to accelerate their development and occupancy to expand real estate assets.
