Vice President of the Businessmen Association: The sales of real estate companies recovered in the first two months 2021

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Engineer Fathallah Fawzi, Vice President of the Egyptian Businessmen Association, said that the real estate sector is witnessing a remarkable revival in the volume of sales in the first two months of 2021, as evidence that the major real estate development companies listed on the Egyptian Stock Exchange have achieved huge sales during the last period, and this is evidence of the need to revitalize Investing in the real estate sector to establish new projects to accommodate demand and population increase, at the same time employing more labor and increasing the sector’s contribution to the national product.

 

Fawzi added to Al-Youm Al-Sabea that despite the increase in sales, there is still a challenge facing real estate developers, which is the speed of issuing project licenses, which are delayed for long periods, indicating at the same time the significant improvement in the speed of issuing the ministerial decision to establish projects. However, the licenses Especially from domestic appliances still taking a long time.

 

Fathallah Fawzi indicated that the Businessmen Association is intensifying its efforts in preparing the first "catalog" of real estate investment opportunities available in Egypt that includes the opportunities available in the private sector companies, the New Urban Communities Authority and the New Administrative Capital Company, to promote them externally through joint business councils, both Arab and foreign. , With the aim of attracting new foreign investments to Egypt that will help increase foreign cash reserves, speed up implementation of real estate projects and support the state’s plan to achieve comprehensive development, referring to the competitive advantages enjoyed by the Egyptian real estate market, most notably the high demand in light of the huge annual population increase, and the incentives offered by the state. For foreign investment.

 

Regarding complaints about some companies ’tendency to the“ cash back ”system, Fawzi said: All complaints related to the regulation of the real estate market disappear on condition that the Real Estate Developers Union Act is approved, adding that the law is still in Parliament, and it has not yet been discussed, and with the speedy start of discussions and activation. It will contribute greatly to regulating the real estate market.