Housing Minister Randa El Menshawi presented the bill at a meeting with Prime Minister Mustafa Madbouli. The document regulates the sector, classifies developers according to financial and technical criteria, and provides for the creation of a single official body similar to the existing federation of construction contractors.
Prime Minister Madbouli confirmed that real estate remains a key pillar of Egypt's economy, a driver of investment and employment. He stressed the need to curb unregulated practices that undermine market stability.
The authorities also plan to conduct a nationwide inventory of unused land and vacant residential units. These measures will help classify developers based on their financial stability and experience, preventing those with insufficient resources from participating in major projects.
The reforms are aimed at maximizing the use of real estate assets, strengthening confidence in the sector and maintaining its role as one of the largest areas for investment and economic growth in the country.
Source: Daily News Egypt
