Deputy Minister of Housing: Completing the regulations for regulating the real estate market... and publishing the names of the violating companies in the newspapers

Engineer Khaled Abbas, Deputy Minister of Housing for National Projects, said that the state has finalized the regulations for regulating the real estate market, after holding several sessions with real estate developers, and they are currently being reviewed in the Council of Ministers.

Abbas added, during the “Futures of Urban Development in Egypt” conference, that the controls include timelines for project implementation, timing of project announcement, penalties for violators, and financial procedures, as projects will be linked to escrow accounts that determine the spending mechanism on the project implementation stages.
Abbas explained that the state will announce in the newspapers the names of non-compliant real estate companies, after taking all measures and facilities through which companies can avoid default.

The Deputy Minister of Housing said that the state will only allow the presence of serious developers in the Egyptian real estate market.

It is noteworthy that the government agreed with real estate developers on a number of controls for regulating the Egyptian real estate market, related to the implementation of the phases of the real estate project, the mechanism for selling housing units, the controls for disposing of maintenance amounts collected from buyers, and the mechanism for dealing with cases of breach of terms and controls.

Prime Minister Mostafa Madbouly said, in previous statements, that the government seeks to support the serious real estate developer in this important sector, which contributes to the implementation of many development projects, as well as providing job opportunities, and at the same time preserving the rights of barriers dealing with investors and real estate developers. .