The Executive Office of the Real Estate Development Chamber holds a meeting to discuss proposals for real estate export and market regulation

A great way to encourage real estate exports and boost the market is to offer the stock of existing real estate units in overseas markets.

The Executive Office of the Board of Directors of the Real Estate Development Chamber, at the Federation of Egyptian Industries, held a lengthy meeting with the participation of most members of the Board of Directors, to address the tasks and demands that concern stakeholders in the real estate sector and are based on several objectives, including real estate export, market regulation, and filtering it from non-serious companies in a way that ensures the protection of the real estate industry in Egypt.

The meeting was attended by members of the specialized advisory committee for urban development and real estate export formed by the Council of Ministers, namely Eng. Tarek Shukry, Chairman of the Real Estate Development Chamber, Eng. Amr Suleiman, and Eng. Amgad Hassanein, in addition to members of the Executive Office of the Real Estate Development Chamber.

Protecting the real estate industry

Eng. Tarek Shukry, Chairman of the Real Estate Development Chamber and the official in charge of communication between the members of the advisory committee and the Prime Minister, said that the chamber aims to protect the real estate industry in Egypt, preserve the rights of customers, and create an attractive climate to drive more investments in the real estate sector, which is one of the most important economic sectors in Egypt.

He pointed out that the meeting discussed important proposals and ways to advance the real estate export system and benefit from the stock of real estate units owned by some entities, as there are units ready for immediate housing in some areas, and if they are offered for export, they will bring in large returns as they are compatible with the requirements of foreign customers. He pointed out that the chamber always plays an effective role in communicating with developers and government agencies.

The needs of developers are brought to the attention of the appropriate authorities at regular meetings. The most recent of the many important developer-friendly measures that the chamber helped pass was the New Urban Communities Authority's Board of Directors' approval to give companies and entities that were given land plots to establish investment projects a six-month grace period with certain restrictions. 

The Real Estate Development Industry Chamber was submitted a memorandum to the authority requesting a grace period for companies.

Stringent requirements

During the meeting, the Real Estate Development Chamber emphasized how eager it is to keep the real estate market free of companies that are not serious. The Chamber also makes sure that its members are serious and has stringent requirements for companies to meet before they can become members. The Chamber has more than 14,000 member companies and more than 14,000 applicants for membership.

In addition to separating the active into several degrees and establishing rules for each category, it was requested that each of the three categories (small, medium, and big) be assigned an internal classification: active or operating, inactive or inactive.

It also discussed the members' request to request the New Urban Communities Authority to offer lands with areas between 5 and 20 acres to meet the needs of medium-sized companies and to develop these lands with real estate projects without fences to ensure the implementation of projects that meet the needs of a wide segment of customers at lower costs than compounds.

For his part, Eng. Amjad Hassanein, a member of the Chamber's Board of Directors, said that the Real Estate Development Chamber is the official and legal entity to regulate the real estate sector.

According to Eng. Amr Suleiman, a member of the Real Estate Development Chamber's Board of Directors, the Chamber is constantly eager to offer guidance and assistance to businesses and resolve issues that affect employees in the real estate industry. In order to guarantee the success of Egyptian companies' overseas experiences, he continued, the emphasis in the next time would be on offering assistance and direction to businesses looking to expand internationally in a number of areas, including the Saudi market.