Cairo: Prime Minister Mostafa Madbouly emphasized the significance of the real estate development, construction, and building sector as a primary contributor to economic growth and job creation. This statement was made during a meeting focused on implementing measures to regulate the real estate market.

According to State Information Service Egypt, Madbouly highlighted the urgent need to organize the sector to align with the State’s comprehensive development strategy. This organization aims to enhance transparency and safeguard the rights of investors, developers, and citizens. Key attendees included Housing Minister Randa El Minshawy, Justice Minister Mahmoud Helmy El Sherif, Deputy Housing Minister Walid Abbas, Urban Development Fund Chairman Khaled Seddiq, and the fund’s deputy chairman Mostafa Abdel Wahab.

The prime minister noted that efforts are underway to establish a comprehensive real estate market database. This initiative aims to eliminate irregular developers from the sector, thereby promoting a more structured and credible market environment.

Cabinet spokesman Mohamed El Homsany stated that the meeting also considered a proposal to create a unified entity for all real estate developers. This entity would regulate the sector, protect buyers, and ensure adherence to governance and transparency standards. By classifying developers based on their financial and technical capabilities, the proposed entity seeks to prevent underqualified companies from undertaking major projects, thus protecting buyers’ rights and maintaining the reputation of serious developers.

El Homsany emphasized that the State aims to ensure the sector’s sustainability and avoid disruptions that could affect its credibility, particularly concerning project delivery delays or failure to meet contractual obligations.

Additionally, the meeting reviewed preparations for a legislative and institutional framework to regulate the real estate market. This framework aims to balance the rights of the State, developers, and customers while supporting efforts to promote real estate exports and sector development.

Madbouly also instructed the creation of a comprehensive inventory of unused land plots and vacant residential units across the nation. This initiative includes studying mechanisms for utilizing these resources to accelerate development, increase occupancy rates, and expand real estate supply.