Latest news with #RealEstateDevelopmentChamber
Zawya
12-05-2025
- Business
- Zawya
Egypt's ministry unveils new incentives to support developers, ease market pressures
Egypt - The Ministry of Housing, Utilities, and Urban Communities has introduced a comprehensive package of incentives aimed at supporting real estate developers and addressing ongoing challenges in the property market. According to Tarek Shoukry, Chairperson of the Real Estate Development Chamber at the Federation of Egyptian Industries, a recent meeting between the Minister of Housing and chamber representatives led to the approval of several key policy adjustments in response to developer demands. Among the most notable measures is the Ministry's decision to permit the conversion of residential, administrative, and commercial units into serviced units without incurring additional fees—a move intended to help alleviate the shortage of hotel accommodations. The Ministry has also extended the validity period for operational licenses from one year to five years and approved the renewal of a reduced 15% interest rate on land installment payments for another year, spanning from May 2025 to May 2026. Additional incentives include a six-month extension for current project deadlines and a 10% increase in permitted built-up areas, helping developers absorb rising construction costs. The Ministry committed to holding regular coordination meetings with the Real Estate Development Chamber and announced the upcoming activation of the national real estate platform, with preliminary registration expected to launch soon. In parallel, Minister of Housing Sherif El-Sherbiny announced new financial relief measures for citizens with overdue payments on residential, administrative, commercial, and professional units, as well as villas affiliated with the Buildings Finance Fund. Under this initiative, a 70% waiver on late payment penalties will be granted to those who fully settle their outstanding dues. This offer will be available for three months—from June 1 to August 31, 2025. The minister emphasized that these efforts align with the Ministry's strategic vision to stimulate development and adhere to presidential directives to reduce financial burdens on citizens. Hesham Darwish, Supervisor of the Construction and Contracting Sector at the Housing Ministry and Chairperson of the Buildings Finance Fund, added that the initiative responds directly to citizen requests for more flexible payment options. He noted that clear implementation guidelines will be provided to ensure the initiative's success and support broader economic stability. Darwish also clarified that the relief applies to units involved in ongoing or preliminary legal cases—whether at the trial or appeals level—provided full payment is made in cash, including all related legal and administrative fees. However, the incentives do not extend to cases where the client has initiated legal action against the Fund unless all such lawsuits are fully withdrawn. Additionally, units, villas, or shops subject to cancellation decisions or final enforceable court rulings are excluded, in accordance with the Fund's real estate regulations and board decisions.
Zawya
10-02-2025
- Business
- Zawya
Real Estate Development Chamber supports President Abdel Fattah El-Sisi's rejection of displacement and reconstruction in Gaza
The Real Estate Development Chamber, at the Federation of Egyptian Industries, announced its full support and endorsement of the position of President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, in completely rejecting the displacement of Palestinians and adopting the reconstruction of Gaza. The Real Estate Development Chamber announced the full readiness of the real estate development companies under its umbrella "as members of the Chamber" to work promptly and develop a plan towards the reconstruction of Gaza - if requested to do so - and to help the brotherly Palestinian people overcome the effects of the devastating war. The Chamber stressed that it helps, builds and performs all roles, whether logistical or executive, due to its large number of real estate developer members exceeding 10,000 companies from all categories. The Real Estate Development Chamber appreciated the keenness of the Palestinian brothers to return Gaza to life, which sent a message to the entire world that the Palestinian people are attached to their land and roots, do not accept displacement from their land and are keen to restore life and reconstruction. The Real Estate Development Chamber called on its counterparts, entities and bodies interested in the construction and building sector in neighboring countries, as well as civil society institutions, to cooperate with the Chamber and develop a plan and strategy to reduce the time frame for the reconstruction process in Gaza, so that cooperation will ensure shortening the implementation period of projects, so that a project that takes a month can be implemented in one day, while a project that takes a year can be implemented in one month, ensuring that a smile and stability are restored to the brothers in Gaza. The Chamber pointed out that Egypt has experience in reconstruction operations in Libya and Iraq with Egyptian expertise and workers, ushering in a phase witnessing the implementation of robust projects by Egyptian companies in those countries. The Real Estate Development Chamber stressed its clear position of standing behind the political leadership in its decisions and rejecting displacement. Under President Abdel Fattah El-Sisi's direction, Egypt's recent development experience has demonstrated the country's vast skills and competencies, which helped to expedite the completion of important, high-end development projects and infrastructure. Egypt is fully capable of taking part in the reconstruction of Gaza, not only in terms of the skills and abilities of real estate development companies and contracting companies, but also in terms of the availability of labor and raw materials, as well as the strategic location due to the short distance. This portfolio of works has given Egyptian workers and companies great expertise to expand internationally and participate in reconstruction projects.
