24 Hrs
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بوابة الشروق
Deputy Minister: No laws define developer standards
The Deputy Minister of Housing for Urban Communities pointed out that there are delays in delivering housing units in real estate projects. Presidential directives have emphasized a comprehensive review with developers to ensure that those who have booked units receive their homes within a specific timeframe. He explained that the percentage of delays in projects undertaken by the state is minimal and attributed some of the delays to factors outside the developers' control, such as the COVID-19 pandemic and exchange rate fluctuations. Efforts are underway to review developers' contracts to ensure their adherence to project schedules. He also highlighted that Egypt currently lacks a law specifying the standards for real estate developers, but work is in progress to draft a law for the Real Estate Developers Union to define developers' roles and regulate their activities, thereby protecting buyers' rights and ensuring compliance with contractual commitments.
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