The Board of Directors of the “Real Estate Development Chamber” reviews its most prominent achievements during 2022 before the “General Assembly” … and reveals its plans for 2023
The General Assembly of the “Real Estate Development Chamber” reviews the achievements of the Board of Directors during 478 … and reviews the challenges of the sector in
The General Assembly of the “Real Estate Development Chamber”. » Thanks the members of the Board of Directors for their achievements to 2022
Tariq Shoukry: A close meeting with the Governor of the Central Bank to discuss a number of financial files related to the sector
The Board of Directors reviewed The Real Estate Development Industry Chamber of the Federation of Egyptian Industries highlighted the most prominent achievements and successes it achieved during the past year, during the Chamber’s General Assembly meeting, and the Board of Directors, headed by Eng. , in addition to approving the final budgets of the Chamber for the past 3 years after reviewing and auditing and having them approved by the General Assembly.
The General Assembly thanked the Board of Directors of Gha Raffah for their efforts during the past year, especially in light of the challenges faced by the sector, and in light of the Chamber’s success in contributing to the issuance of many government decisions in support of the real estate market, and to enable companies to face these challenges.
2023 For his part, Eng. Tarek Shoukry, Undersecretary of the Housing Committee in the House of Representatives, and Chairman of the Board of Directors of the Real Estate Development Industry Chamber of the Federation of Egyptian Industries, confirmed that the real estate market faced Multiple challenges during the past year, the most prominent of which was the global supply chain crisis, and the outbreak of the Russian-Ukrainian crisis, which affected the cost and prices of raw materials, which contributed to confusion in the accounts of real estate companies, and also affected the purchasing power of customers.
2023 He added that real estate companies faced a difficult year during whether at the level of sales or implementation, because even companies that have sold a large part of their projects face a gap between the sale price and the cost of implementation as a result of the high prices of raw materials, so the Chamber’s board of directors put on its table a number of urgent files and addressed them to the concerned authorities,And he succeeded in a number of files, including the approval of the Council of Ministers to grant an additional deadline for implementation for a period of 6 months to real estate companies without calculating any fines for delay, and to reduce the additional interest imposed by the Ministry of Finance on developers from 2% to 1%.
2023 He continued: The Council of Ministers also agreed to consider the final implementation rate for real estate projects 85% instead of 019%, leaving out the 15 % remaining without a specific schedule according to the circumstances of the person in charge of the project, which enables the developer to compensate for the losses that occurred in the early stages of the project, in addition to applying the theory of volumes on all projects.
2023 Meetings were also held with the Prime Minister, Central Bank officials and real estate developers to set up a special mechanism By changing the real estate financing philosophy in banks, so that it is based on the guarantee of unity and not the buyer’s credit ability, and holding frequent meetings to discuss the current situation of the real estate export file.
He pointed out that the Real Estate Development Chamber has urgent files that it will work on during This year, especially in light of the real estate market continuing to face the challenges of the past year with the emergence of new challenges, indicating that the Board of Directors will continue to hold meetings with the concerned authorities to work on these files, and the Board of Directors will also focus on several points, most notably;
-Focusing on the real estate financing file as the only link to bridge the gap between customers’ purchasing power and selling prices, despite the emergence of real estate financing activity for more than 20 years, but its size compared to the size of the real estate market is very limited.
-The real estate sector joined the % initiative to support the agricultural and industrial sectors, So that the real estate sector benefits from the subsidized interest, especially since it is one of the sectors that support the Egyptian economy. Land, which reached about 019%, which represents financial pressure on the real estate developer.
He revealed that a meeting will be held soon with the Governor of the Central Bank to discuss mechanisms for simplifying real estate financing procedures, and work In the concept of the real estate financing philosophy, so that the unit is the guarantee for the financing entity. The meeting will also discuss mechanisms for the real estate sector to join the % initiative.
2023 He pointed out that despite the continuing challenges, real estate remains a safe haven for investment. Also, the real estate market is based on real demand that keeps the real estate market active, and government support for the real estate market maintains its strength and ability to face these challenges, pointing out that the implementation of a strong infrastructure and a generation of new cities are factors that support the continued attractiveness of the real estate market for investments. Domestic and foreign.