Hussein Sabbour, chairperson of Al Ahly for Real Estate Development, said that the government has to leave luxury housing projects for developers, and concentrate on developing social housing.
If banks’ facilitate their funding conditions for real estate developers, there would be a boom in the sector and it would boost investments in the real estate sector, indicated Sabbour.
Hisham Shoukri chairperson and CEO of Rooya Group, said that the government has requested from developers to develop social housing units, but this initiative was not applied, pointing out that the government has to focus on social housing, and provides incentives for developers to complete development and urbanisation processes in new cities to complete the entire country’s development strategy.
Meanwhile, Ahmed Shalaby, managing director and board member of Tatweer Misr, said that the partnership projects between the state and developers in tourism-related real estate projects are not active enough, hoping to see a clear partnership model for tourism real estate projects.
