During the first session of the Fifth Real Estate Development Conference .. Deputy Minister of Housing The real estate sector contributed to the national income by 20%

Khaled Abbas: Reaching the area currently being developed for 12% in record time

Tariq Shoukry: The Real Estate Developers Union Law was presented to the plenary session of the House of Representatives soon

The primary role of the Ministry of Housing is to support the real estate market, which has been growing in recent years, as it is one of the main sectors supporting the national economy with a contribution of nearly 20% to the national product, said Engineer Khaled Abbas, Deputy Minister of Housing for National Projects.

He added during the events of the conference "The Future of Urban Development in Egypt" that the recent expansion of Egypt and the inauguration of 16 new cities means that more space will be available to double the urbanization by 2030, and Egypt is now close to reaching 12% of the building area with the volume of development currently being implemented, pointing out that these new cities include various investment opportunities for real estate developers.

He continued that the new 40,000 acre city of Suez has been announced, and there will be a new city on the north coast, and there are some cities that are still under study, all of which are being implemented within a strategic urban plan by 2052, so that cities will be implemented to accommodate the population increase expected by 2052.

The closest city to which a presidential decision would soon be issued was Ras al-Hikma, which was currently being planned, and some property developers had refused to inaugurate a comprehensive city plan, but with the development of the new alamein and investments from the State for the development of an integrated city, the developers might race to acquire land in that city.

He stressed that urban development contributes to an increase in the number of real estate developers, which is healthy for the real estate market, providing jobs and increasing the level of competition in the real estate market. Therefore, the customer benefits from this competition. Each company offers its best designs, projects and price offers, pointing out that the market needs more new companies.

The State was implementing its projects according to a vision and a strategic plan for development, and every city was being developed according to the State strategic plan, and the developer had to change the way it worked, since the demand for the middle income segment was the largest area of the real estate market.

A noticeable and unprecedented development in the state's involvement with developers prior to the regulation of the secto

The real estate sector has witnessed the commencement of amendments or the drafting of new laws, including the Occupants' Union Act and the Real Estate Developers Association Act, aimed at strengthening the real estate market and creating an attractive legislative climate for the real estate market, said Eng. Tarek Shoukry, Undersecretary of the House of Representatives Housing Committee and Chairman of the Real Estate Development Chamber.

In his speech at the conference "The Future of Urban Development in Egypt", he added that dialogues were held with some developers to achieve a balance in the relationship between developers, customers and government.

The Federation of Real Estate Developers Act, one of the most needed laws of the real estate market to regulate the whole market and to balance the relationship between the three parties of the system - developers, customers and the Government, would soon be submitted to the plenary session of the House of Representatives.

Consequently, the Developers Association Act helped to regulate the market by classifying real estate developers so that each developer could develop a project in accordance with his or her financial and technical capabilities and business history.

He explained that among the laws being discussed was the Occupants' Association Act, in order to preserve the investment value of a project and its investment appeal, the maintenance and management of that project by a maintenance company with a commercial record and, through the auditor, by monitoring the tunnels from the maintenance deposit for the project.

Foreign developers needed to have information about cities or areas requiring new real estate products, and the nature of the purchasing power available in a given location, in order to be able to determine, based on real information, the area suitable for their objectives and investments.

He pointed out that the development of new cities is taking place in record time, with the State's efforts to develop these cities more rapidly and the work and implementation continuing, regardless of the magnitude of the challenges.

The State had become involved with real estate developers when new laws or decisions were being drawn up, the Government was under an obligation to cooperate with developers in the development of real estate laws, and there was now an interest in a database and statistics on areas of future population growth on the basis of which investors could be identified.

CEO of Developing Egypt : The country must put the first nucleus in national projects

That the real estate developer is always looking for the least risks, especially in major projects, and then the country must put the first nucleus in new cities to attract real estate developers, stressing that the real estate market must be prepared to change the business model In it within the next 3 years, and work with the availability of bank and real estate financing, to reduce the risk to the real estate developer, said Eng. Ahmed Chalbi, CEO of Egypt Development Company.

He added at the conference "The Future of Urban Development in Egypt", that the real estate developer has become tolerant of high risks with the current business model of the market and the changes taking place in the global economy and the local real estate market.

He stressed that it was the responsibility of the State to lay the primary nucleus for development in any new city, and that developers were invited to invest in the new cities, explaining that this was the case in the new city of Alamein, which was of great importance and necessity for sustainable development in the northern coast, and that the city of Ras al-Hikma would add another dimension to the development of the region in the coming period.

He added that the real estate market in Egypt is in urgent need of entering a different type of real estate developer and is the general developer to undertake from the beginning the development and development of new regions and cities alongside the State in its initial stages, stressing the need for the State and the private sector to focus on attracting these types of companies during the next stage.

He noted that a real estate developer bears any difference in the cost of building materials such as float or corona and entering the global inflation wave, and therefore the current investment model will not help the developer to continue with meeting these challenges, and therefore the real estate developer must work in cooperation with the banking sector.

Tarek Eid: A map of real estate proposals must be drawn up

Tarek Eid, head of the commercial sector at Jumeirah Egypt Urban Development, demanded that the Ministry of Housing map the land proposals targeted for a certain period, so that companies can make the necessary preparations for the projects.

Ahmed Mansour: The availability of land and the speed of allocation procedures are among the benefits of development in the New Capital

Engineer Ahmed Mansour, CEO of Cassel Real Estate Development Company, said that one of the most important benefits of development within the New Capital, is the availability of land and the speed of allocation procedures, scheduled to be implemented in the coming days.

At the Real Estate Development Conference - The Future of Urban Development in Egypt, organized by the company Al Mal GT, Mansour noted. M "Today, Sunday, the availability of land in the capital was a double-edged weapon. It is a good advantage for developers, but it led to the entry of new companies, which resulted in great competition between real estate developers.

Mansour explained that his experience in real estate development inside the capital was difficult, due to the lack of implementation times which led to the unavailability of many developers and new entries, praising the controls being studied by the ministry on the real estate market.

Mansour unveiled his company's expansion plan in the new city of Alamein, and the launch of its first coastal project there, noting the promising opportunities of some new cities.