Tariq Shoukry

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

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

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.