24 Hrs
Source:
اليوم السابع
Ayman Mohsob Calls for Property Market Oversight
Deputy Ayman Mohsaid called on the government to establish a unified regulatory framework for the processes of waivers and exits from real estate units prior to delivery, aiming to balance the rights of buyers and developers. He pointed out that Egypt's real estate market exceeds one and a half trillion Egyptian pounds, with an increase in resale transactions before delivery due to financial reasons or to achieve quick gains. He also emphasized the need to regulate resignation fees, which in some cases reach up to 15% of the unit's value, and to standardize them across companies to prevent exploitation that could limit the buyer’s ability to dispose of their unit. Additionally, he called for activating supervisory mechanisms to ensure contracts comply with consumer protection laws, establishing a database to monitor cases of waivers and defaults, and integrating regulation as a fundamental part of the real estate market framework, along with offering quick dispute resolution mechanisms for related issues.
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