Egypt to submit new real estate development market law to parliament, PM says
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Egypt is preparing a dedicated law to regulate the real estate development market and will submit it to the House of Representatives as soon as possible, Prime Minister Mostafa Madbouly said, amid a government push to protect buyers and developers.
Egypt is preparing a new law to regulate the real estate development market, Prime Minister Mostafa Madbouly said on Thursday, with the draft to be submitted to the House of Representatives "as soon as possible".
Speaking at a press conference following the weekly cabinet meeting, Madbouly described real estate development as one of the most important sectors underpinning Egypt's economy because of its contribution to economic activity and its links to a wide range of other industries.
He said the government had completed an inventory of stalled or troubled real estate projects to assess their circumstances, but stressed that only "four or five" cases were facing problems, warning against treating individual cases as a sign that the wider market was in crisis.
The planned legislation follows directives issued in August by President Abdel-Fattah El-Sisi for a comprehensive review of contracts between real estate developers and citizens, and legal action against developers who collect money from buyers but fail to meet agreed delivery deadlines, after growing complaints from purchasers in new urban and coastal developments.
Madbouly said the new regulatory framework is intended to address challenges facing the sector while preserving its role in supporting economic growth and ensuring that isolated cases of project distress do not undermine confidence in the wider market.