Housing of MPs: Real Estate Developers Union Bill a Crucial Step to Regulate the Market
Cairo - Nihad Imad: MP Mahmoud Tahir, Secretary-General of the Housing, Public Utilities, and Urban Development Committee at the House of Representatives, emphasized the importance of the draft law establishing the “Egyptian Real Estate Developers Union,” affirming that this step reflects the state’s seriousness and genuine desire to establish a decisive legislative framework regulating the performance of one of Egypt’s most important economic sectors and key drivers of growth, describing it as a crucial move to regulate the real estate market.
MP Mahmoud Tahir stressed that the government’s initiative to prepare this law, in implementation of President Abdel Fattah el-Sisi’s directives, constitutes a clear response to repeated demands from the real estate sector for a unified professional umbrella that consolidates various entities and contributes to creating a safe and stable investment environment characterized by transparency and clarity, safeguarding the rights of the state, developers, and citizens engaging in the market.
The Secretary-General of the Housing Committee pointed out that the significance of the draft law lies in establishing a unified and precise classification of developers based on financial solvency, operational capacity, and the volume of completed projects, thereby excluding unqualified and unauthorized entrants.
He added that this also helps regulate market mechanisms through disciplinary rules that protect investors’ and citizens’ funds, elevate professional practice standards, and establish a flexible professional mechanism for dispute resolution, enhancing transparency in the Egyptian real estate market both locally and regionally.
MP Mahmoud Tahir called on the government to link the draft law on the Real Estate Developers Union with the concept of establishing an “independent entity/body to regulate the real estate market,” building on the comprehensive vision and valuable discussions previously proposed and supported by the Housing Committee at the House of Representatives.
Tahir clarified that the Developers Union represents the professional and regulatory umbrella for actors in the sector, while the role of the “market regulatory entity” is to serve as the organizing authority, ensuring balance and oversight over the entire real estate sector.
He expressed the Housing Committee’s readiness at the House of Representatives to fully cooperate with the government upon the referral of the draft law to Parliament, aiming to produce comprehensive legislation that keeps pace with the comprehensive urban renaissance Egypt is witnessing and supports the participation of the private sector as a key partner in development.
