Egypt's PM orders review of stalled real estate projects, pushes developer federation law
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Egypt's Prime Minister Mostafa Madbouly has directed officials to compile a list of stalled real estate projects as part of a drive to regulate the market.
Egypt's Prime Minister Mostafa Madbouly has directed officials to compile a comprehensive list of stalled real estate projects, identify the causes of delays and determine responsibility, as part of efforts to regulate the real estate market and implement President Abdel Fattah El-Sisi's directives to protect citizens' contractual rights.
The directives came during a meeting Madbouly called with Minister of Housing, Utilities and Urban Communities Randa El-Menshawy and senior officials. The meeting featured a review of the draft law establishing the Egyptian Federation of Real Estate Developers, which Madbouly said would provide a legal framework for greater governance and balance in the sector while protecting the interests of all parties.
Minister El-Menshawy affirmed the sector's major contribution to economic activity and development plans, stressing that the government supports serious developers while ensuring citizens receive their full contractual rights. She noted that most serious developers comply with established timelines and regulations, and that a comprehensive list of stalled projects is being finalised, along with the federation's draft law for submission to the Cabinet.
Madbouly noted that stalled projects remain limited compared with the sector's overall activity, reaffirming government support for serious developers. He directed continued support for citizens who have reserved units in stalled projects and called for the federation's draft law to be completed swiftly and opened for dialogue before submission.