Chamber of The Real Estate Development  meets to discuss the real estate sector's impact of the building materials crisis

The Board of Directors of the Real Estate Industry Chamber met to discuss the impact of the crisis of high prices and lack of market access for building materials on the real estate sector. The effects of these developments on the real estate market of all components, including developers and customers, were discussed

Eng. Tarek Shoukry, Head of the Chamber of Real Estate Development, said that the global inflation crisis followed by the Russian-Ukrainian crisis affected the prices of construction materials and led to an increase in their prices, which affects real estate prices accordingly, noting that the meeting included a discussion of the nature of the crisis and its effects on the real estate market

The meeting discussed mechanisms to mitigate the effects of the crisis on real estate companies. A regular meeting of the Chamber's Board of Directors continues to be held for a period of three months in order to constantly follow developments in the crisis worldwide and its effects on real estate companies. The Chamber is constantly working to join the efforts of all parties and those responsible for supporting the real estate sector

He pointed out that there were some traders who were unjustifiable stockpiling of construction materials in order to profit from them, which was a total detriment to the market, since a breakdown in the implementation would bring the entire investment cycle to a halt and disrupt the market, which would be a detriment to all those who worked in it. He called for the need for all to come together to deal with the crisis

Over the last decade the real estate sector had faced and successfully overcome global and local crises, thanks to real and strong demand, constant State facilities to support the sector and the flexibility of companies to deal with the crisis and come up with innovative ideas and alternative schemes to boost the purchasing power of customers

He stressed that the real estate sector is one of the supporting sectors of the Egyptian economy, contributing more than 18% to the GDP and creating more than 5 million jobs, reflecting the size of the sector and its impact on the Egyptian economy, as well as its role in the implementation of the State's overall urban development plan