The decision by Egypt’s New Urban Communities Authority (NUCA) to temporarily halt land sales to individuals is added value for the local real estate sector, according to Abdel-Hamid Al-Wazir, President of Arabisk Real Estate Development.
Al-Wazir added that the decision means non-specialists will now find it difficult to enter the real estate sector.
He said that the property sector will not witness a rise in prices due to this decision, because NUCA offers its lands at specific prices. As a result, this completely excludes the idea of price hikes.
Al-Wazir added that there will be minimum and maximum pricings in accordance with market requirements. Customers will also choose their units according to the competitive advantages presented by companies, which is in the interest of projects, companies, and customers.
“Issuing the Real Estate Developers Federation Law will regulate the market similar to the Egyptian Federation for Construction and Building Contractors,” he said, “The new law will classify real estate companies into categories, and each real estate company falls according to the classification that is determined according to specific controls and standards, thus protecting real estate sector from any challenges it faces.”
Egypt’s real estate sector is based on real and rapid development, according to the Egyptian Government’s support for real estate sector.
Moreover, the Egyptian Government has sought to establish many new cities, which are considered a route of comprehensive development.
It has been able to support the sector by launching many initiatives that contribute to the real estate sector’s advancement, providing more investment opportunities whether for local or foreign investors, he concluded.
