Egypt Steps Up Oversight of Real Estate Projects
Egyptian President Abdel Fattah El-Sisi has announced the formation of a committee comprising various government agencies to inspect real estate projects. The purpose is to ensure that real estate development companies adhere to project deadlines, contractual terms, and to monitor the completion of essential works and infrastructure. The committee will also hold violators accountable. This initiative aims to enhance oversight of the real estate sector and reduce delivery delays, which are among the most significant challenges facing mortgage finance in Egypt—especially after the Central Bank suspended financing for units under construction due to related risks. The committee will regularly oversee project execution to ensure compliance with scheduled timelines, although there is some uncertainty regarding its operational mechanisms and the overseeing authorities.
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