Prime Minister Dr. Mostafa Madbouly held an extensive meeting with members of the Real Estate Development Chamber’s Board of Directors to discuss strategies for supporting Egypt’s real estate sector amid current global economic challenges.
The meeting was attended by Eng. Mohamed El-Bostany, Board Member of the Real Estate Development Chamber representing small-scale companies, along with several prominent leaders and officials, including:
- Dr. Assem El-Gazzar, Minister of Housing, Utilities, and Urban Communities.
- Eng. Tarek Shoukry, First Deputy of the Housing Committee at the House of Representatives and Chairman of the Real Estate Development Chamber.
- Mr. Hisham Talaat Moustafa, CEO of Talaat Moustafa Group Holding.
- Eng. Ahmed Sabbour, Senator and Member of the Egyptian Real Estate Council.
- Eng. Mostafa El-Kady, CEO of Emaar Misr.
- Eng. Hani El-Assal, Chairman of Misr Italia Properties.
- Alongside other senior executives and board members of the Chamber.
During the session, the Prime Minister highlighted the government’s strong commitment to the real estate sector, describing it as one of the key drivers of Egypt’s economy, given its pivotal role in development and job creation.
Dr. Madbouly also outlined a series of recent decisions made by the Supreme Council for Investment, chaired by President Abdel Fattah El-Sisi, aimed at easing challenges for real estate investors. These included:
- Fixing installment interest at 10% for two years instead of the current rate.
- Extending project implementation timelines by an additional 20% of the original duration.
- Reducing the completion threshold for projects from 90% to 85%.
- Allowing foreigners to own more than two properties, provided payment is made in foreign currency.
Real estate developers, in turn, presented several proposals to attract further investment and enhance sector growth, emphasizing that Egypt’s property market continues to offer solid fundamentals and promising opportunities, making it a leading investment destination in the region.