Eng. Zakria Al Gouhary, Chairman of the Board of the Egyptian Association for Real Estate, demanded President Morsi to issue a plain law to govern the dealings between real estate appraisers, rejecting the idea of forming a ministry for utilities and separating it from the Ministry of Housing.
He affirmed that the real estate market has been suffering from recession following the 25th January until the end of 2012, Adding that 2013 will witness an increase in real estate investment by 25% and prices will be the same as 2010, he said.
Al Gouhary also noted that a new map for real estate investment will be launched to establish new communities other than the desert hinterland, in addition to activating new researches to make use of new building materials to reduce building costs and meet the desired specifications.
Pointing out that the real estate sector requires continuous development, since it represents 25% of the national income, attracting foreign investments that would, in turn, promote the local investment.
Moreover, Al Gouhary called for replanning cities on the level of the republic as well as new areas such as the South Valley, the New Valley, and Sinai, in addition to building urban communities.
He added that the Association has relocated from the headquarter owned by Eng. Ahmed Anis, the Association’s former president, to a new place, highlighting that the coming period will witness great activities aiming at developing and protecting the real estate appraisal by encouraging cooperation with ministries and agencies.