Dr. Abdul Hamid Al-Wazir: Praises the government’s controls to regulate the real estate sector
Dr. Abdel Hamid Al-Wazir, Head of Arabisk Real Estate Development Company and Chairman of the Support and Follow-up Committee of the New Cairo Developers Association, praised the controls recently announced by the government to regulate the real estate sector, which greatly supports the demand for real estate.
He added in his speech after the activities of the conference “Challenges and Solutions for the Real Estate Sector 2022”, which was organized by the New Cairo Developers Association, that these controls would maintain the real estate development system, whether for companies or customers, which contribute to controlling the pace of the real estate market, which leads to filtering real estate companies in the real estate sector and the exit of non-serious companies, explaining that there are many real estate development companies that entered the market during the past 5 years without experience, which affected the sector.
The Prime Minister, Moustafa Madbouly, issued the controls on the sale of the units of the real estate development projects, which included that each stage of the real estate project must be approved by the Ministry of Housing before the next phase of the sale, and that the developer must deposit the capital required to finance the project phase in the project bank account and comply with the approved schedule.
He also continued after the session of the conference “Challenges and Solutions of the Real Estate Sector 2022” that the real estate sector is witnessing continuity for serious companies that have its financial solvency, indicating that the sector is currently heading for mergers and alliances for some companies in order to survive in the market, explaining that the past period witnessed more than an alliance, whether between real estate companies Major or medium real estate companies.
The conference witnessed a large presence of real estate developers, and the presence of a number of important figures in the field of real estate development, most notably Engineer Tariq Shoukry, Undersecretary of the Housing Committee of the Council of Representatives, President of the Real Estate Development Chamber of the Federation of Industries, Engineer Fathullah Fawzi, Chairman of the Construction Committee of the Businessmen Association, who were honored during the conference, and Engineer Mohamed Bustani, Head of the New Cairo Developers Association.
