May Abdel Hamid, the CEO of the Social Housing Mortgage Finance Subsidy Fund, agreed with representatives of real estate companies on the importance of issuing a new law which will regulate the real estate sector during her speech at the fifth real estate summit which was organised by the American Chamber of Commerce in Egypt on Monday, entitled ‘Scaling up: Egypt’s Real Estate Industry.’
“We have worked on many draft laws over the past period. It is important to regulate developers’ activities, as we have to protect this field,” she added, noting that some developers offer a 0% down payment interest rate which is unexpected.
Some consumers buy units as storage spaces for their valuables which is highly risky, she mentioned, noting, “if we aim to export the real estate sector, we have to develop our own law that protects consumers, as well as companies.”
Moreover, she added that the market has to promote the real estate sector’s exportation during participations in global exhibitions.
Managing Director and board member of Tatweer Misr, Ahmed Shalaby, affirmed the importance of the proposed new law, adding, “We are in a bad need for a new regulation, with the collaboration of all stakeholders, in order to discuss its main pillars.”
The government has to play the initial role in developing the new cities through facilitating the services and the main infrastructure, he said, adding “The government has to support the private sector and encourage them to invest in the new cities.”
Mohamed El-Akad, member of the parliament’s housing committee, also affirmed the importance of exporting the real estate sector, noting that issuing a law allowing foreigners to own units on some conditions will support that plan, and will offer the country new foreign resources from the hard currency, which will support the economy.
Turkey set a plan in 2009 to promote the exports of the real estate sector, and now it remarkably developed the sector, stated Hesham Shoukri, the chairperson of Rooya Group, while calling on authorities to increase their exerted efforts in order to promote the sector’s long-term plans for exports.