Wafiq to Discuss the Demands of the Real Estate Sector after the Feast
Eng.Tariq Shukri, Chairman of Arabia Group for Real Estate Investment and member at the Department of Real Estate at the Chamber of Commerce in Cairo, confirmed that the Minister of Housing Dr. Tarik Wafiq is going to meet the department members after the feast holiday.
He pointed out to the main demands presented by the developers to the new minister. These demands include that the ministry and government should support the project for establishing a federation for real estate developers according to a law that is waiting for the approval of the People’s Assembly, forming a committee consisting of the board members of the New Urban Communities Authority in order to coordinate with developers and check with them in case of issuing any amendments on the real estate regulations of the Authority, and reforming the administrative structure of the Ministry and its Authority by signing permanent employment contracts with temporary employees.
The goal of establishing a federation for real estate developers is to classify the real estate developers and investors according to the volume of business of each company and its previous experience in the domestic and international markets. The developers will be classified into 4 categories A,B,C,D, which will be used for choosing the most appropriate Egyptian partner to any foreign company interested in launching investment projects, he said.
He highlighted the importance of reporting to the Department of real estate investment and the federation of real estate developers before approving any amendments on the real estate regulations of the New Urban Communities Authority, in order to check its compatibility with the Egyptian economy. He also noted that real estate developers do not agree on the proposed amendments, especially the article which allows deducting part of the plot from the investors upon delay in construction and reselling it to them instead of seizing the whole plot.
In order to reinvigorate the real estate market, which has been suffering from recession for more than 2 years, Shukri called upon the Ministry of Housing to provide a good environment for investment by opening new marketing channels such as fair, holding real estate conferences inside and outside Egypt, and issuing reassuring statements to foreign investors.
