The government government new regulations for the real estate market .. Get to know them

The Egyptian government has decided new controls for the sale of real estate development project units, in order to tighten control over real estate development companies operating in the Egyptian market. It also aims to protect the real estate market, serious developers, and preserve rights.

Adjusting the relationship between the parties :

It includes provisions aimed at controlling the relationship between real estate developers and buyers, in a manner that governs and preserves transactions between them, which were agreed upon in coordination between real estate developers and the Ministry of Housing, Utilities and Urban Communities.

Follow the president:

These controls will also be presented to the President of the Republic, in preparation for their issuance by a decision of the Council of Ministers, while the controls included the standards binding on the real estate developer, the rules for announcing the sale of units, as well as maintenance and operation work.

Protection of the real estate market:

This is in addition to the procedures related to breaching the terms and controls, as these controls aim to protect the real estate market and serious developers, while preserving the rights of buyers.

President Sisi's obligation:

It is noteworthy that President Abdel Fattah El-Sisi had directed last August to compel real estate developers not to put units up for sale before at least 30% of their projects are implemented.

law Project:

The Egyptian House of Representatives is also discussing a draft law regulating real estate development activity, which provides for the establishment of a real estate developers’ union, which is responsible for issuing licenses, monitoring companies’ performance, imposing penalties on violating companies, and separating companies and clients in the event of disputes between the two sides.

Continuous work:

Officials are working on proposals to appoint financial auditors for each real estate developer, in addition to the need to prepare quarterly reports on their projects and activities, and to create a separate bank account for each project affiliated with them so that the financial auditor can follow up on project financing, in addition to the requirement for real estate developers to issue an insurance policy for each client that is due In case of breach of the terms of the contract.