The Egyptian real estate council has presented several proposals to meet a number of challenges facing the real estate sector during the current period and the relative deceleration in market sales to concerned parties in the sector. They were namely the Real Estate Investment Division at the Federation of the Egyptian Chambers of Commerce (FEDCOC), the Real Estate Development Chamber of the Federation of Egyptian Industries, and the Real Estate and Construction Committee of the Egyptian Businessmen Association. The proposals would help to coordinate between the four entities in order to find innovative solutions to some of the problems affecting the growth of real estate investment in Egypt.
Chairperson of the Egyptian real estate council, Adel Lotfy, said that the main proposals discussed at the council’s meeting on Wednesday were raising of a memorandum to the Central Bank of Egypt (CBE) to enter into the financing of buyers within the initiative of the CBE to activate the real estate market. In addition, there needs to be a study of the establishment of a real estate investment fund involving developers and banks to facilitate developers to finance themselves and complete their projects.
Lotfy added that the meeting touched upon the study of assigning a centre of specialised market studies to conduct a careful quarterly study in order to assess the performance of the real estate sector with clear and real indicators to be used by real estate developers and those concerned with the real estate sector, to guide their future plans based on accurate information and to overcome the crisis of insufficiency, conflicting numbers and information in the sector.
Additionally, developers discussed rules which should be placed between developers and the state, he elaborated.
