Economy

The Egyptian Real Estate Marketing Association presents its proposals for the “Commercial Agencies and Real Estate Mediation” law to the House of Representatives

Ashraf Tawfiq

20220306 Ahmed Shafiq: We thank MP Muhammad Abul-Enein for making it available The opportunity for the association to participate in this important law

Hashem Al-Qadi: Holding continuous meetings with the officials of the file to ensure a balanced relationship between the rights of the developer and the marketer Real Estate

20220306 The Egyptian Real Estate Marketing Association announced its submission of proposals, additions and amendments to the Commercial Agencies and Real Estate Mediation Law, during its discussion in the Economic Affairs Committee In the House of Representatives, and it is being discussed today in the parliament’s plenary session in preparation for its approval. The association presented its recommendations on the law of commercial agencies and real estate brokerage, through an intensive workshop that brought together the association’s officials with officials of the Economic Committee of the House of Representatives, extending its sincere thanks to Representative Muhammad Aboul-Enein, Undersecretary of the House of Representatives, for giving the association the opportunity to participate in this important law.

He added that the most important amendments and proposals submitted by the association to the current draft law included the establishment of a real estate marketing authority that would be the grantor of a license to practice the profession after passing the law. Rehabilitation and periodic training courses for workers in the sector and owners of real estate brokerage companies and the prevention of practicing the profession without a license. Between real estate brokerage companies and real estate developers to determine the financial and technical duties and rights of both parties, in addition to separating the Commercial Agency Law from the Real Estate Marketing and Mediation Law, where the competent minister is the Minister of Housing.

Hashem El-Kady, Vice-President of the Egyptian Real Estate Marketing Association, explained that the amendments ensure that the capital of real estate brokerage companies is not less than 20. A thousand pounds, not 20 a thousand pounds as stated in the draft law, and that the real estate brokerage activity be practiced through a registered and publicized headquarters of the facility. 20220306 He pointed out that non-cash payment methods must be made through bank accounts of brokerage companies, and it is not permissible to It is permitted to deal with the accounts of individuals, all of which are amendments that the Egyptian Real Estate Marketing Association put in place with the aim of preserving the rights of real estate marketing companies and achieving a balanced relationship in rights and duties between the developer and the marketer.

He indicated that the draft law submitted by the government was referred to the plenary session of the House of Representatives after adding amendments and proposals from the joint committee of the Economic Committee and the Legal and Constitutional Affairs Committee, and it is scheduled to be discussed in the plenary session of the House of Representatives in the middle of the day, stressing that the draft law In general, it is positive, but it lacks some points to achieve this balance.

20220306 He said that the association made continuous efforts and meetings with engineer Walid Abbas, assistant The Minister of Housing for Urban Communities Authority Affairs, Engineer Tarek Shoukry, Chairman of the Real Estate Development Chamber of the Federation of Egyptian Industries, and Representative Mohamed Abu Al-Enein to present the association’s proposals to preserve the rights of the real estate marketer in the new draft law.