Egypt Cabinet approves new regulations for selling units
These provisions include binding standards on real-estate developers, encompassing rules for announcing the sale of units
Residential buildings are seen in the New Administrative Capital (NAC) east of Cairo, Egypt March 8, 2021. Image used for illustrative purpose
REUTERS/Mohamed Abd El Ghany
By Staff Writer, Arab Finance
ArabFinance: The Egyptian cabinet approved new regulations for the sale of units by real-estate developers that include provisions governing the relationship between real-estate developers and buyers, a statement by the cabinet showed.
These provisions include binding standards on real-estate developers, encompassing rules for announcing the sale of units, maintenance and operations, and procedures related to breaching the terms and conditions.
No further details were provided regarding the new regulations, which were agreed upon by real-estate developers and the Ministry of Housing, Utilities, and Urban Communities, in preparation for its issuance through a decision by the Council of Ministers.
Cabinet provided zero details on the regulations that may soon be imposed on developers, saying only that they will introduce “binding standards” governing contract enforcement, marketing, and “maintenance and operation” work. “The controls aim to protect the real estate market and preserve the rights of buyers.”
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