Egypt developer calls for mandatory full-cost disclosure before property contracts
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Deyaar Construction and Development chairperson Hany Farag says buyers should receive a complete cost breakdown covering finishing, maintenance and service charges, not just the advertised price.
Hany Farag, chairperson of Deyaar Construction and Development, said buyers should have access to comprehensive information covering all expenses associated with purchasing, receiving and occupying a property, arguing that "a life-changing decision deserves a complete cost breakdown".
He said evaluating a property should go beyond its advertised price to include total payments, instalment schedules, handover specifications, finishing costs, maintenance fees and service charges, and called for a clear distinction between fixed expenses and estimated costs that can change over time.
Farag proposed that developers hand prospective buyers a financial and technical summary for each unit before contracting, detailing the unit's area and specifications, payment and handover schedules, ownership and usage expenses, and the way variable charges are calculated.
He said differences in specifications, services and payment plans make comparisons between projects difficult without consistent disclosure standards, and that clearer disclosure could strengthen contractual relationships, reduce disputes over specifications and additional expenses, and push competition towards value rather than advertised prices alone.
"The customer is committing to financial obligations that may extend over several years, and has the right to understand them from day one," Farag said, adding that "trust begins before the contract is signed".