Egypt's Developers Provide Solutions To Export Property

(MENAFN- Daily News Egypt) Egypt's Real estate developers agreed that exporting property is one of the most important resources to increase foreign currency for the country.

President and CEO of Tatweer Misr Ahmed Shalaby stated,“It is important to find a mechanism for foreign currency sales outside Egypt, whether to foreigners or Egyptian expatriates; which gives a significant increase in foreign currencies. In return, the customer will receive a discount and guarantees if the exchange rate changes, so incentives must be obtained from the government to ensure the existence of this mechanism.”

Chairperson of Real Estate Export Council Hesham said that the draft law to establish a national ID system for real estate properties is very important, and the problem is not in the law itself but in its application.

Shokry pointed out that one of the most important problems with exporting real estate is not registering it, calling on the Ministry of Housing to transfer ownership of lands to developers and register it when 80% of the project is completed instead of 100%.

Member of the Housing Committee in the House of Representatives Emad Saad Hamouda said that he had submitted a draft law to the House of Representatives to establish a union for real estate developers, similar to the current Contractors Union, to work on addressing the government officially through this union. He pointed out that work to implement this matter on the ground is underway and awaiting approval from the Ministry of Housing.

Hamouda stressed the importance of accelerating the government's approval of the draft law to increase the attractiveness of the real estate market during the coming period.

Chairman of ODIN Investments and Executive Chairman of Egyptians Real Estate Fund Hashem El Sayed called for the application of the central real estate depository to facilitate the registration and export of real estate in Egypt.

CEO of IWAN Developments Waleed Mokhtar noted that the real estate market has witnessed a significant increase in sales during the recent period, and although it is a positive thing, at the same time the real estate market needs some controls and a strong system to maintain its performance.

Chairman of Upwyde Developments Mohie Farag said that companies need more facilities, such as increasing the period for installments of the land price for companies from five to seven years and making the interest 10% fixed until the end of the project instead of two years, in addition to extending the period to postpone installments from six months to two years.

CEO of Gates Developments Hassan Nasr stressed the importance of finding data on real estate in an integrated manner on an electronic platform to help developers, demanding that the requirements be implemented and building materials in Egypt.

Menassat Developments Chairperson Ahmed Amin Massoud explained that Egypt's currency, compared to other currencies, is very attractive for investment, and that there be clear legislation that allows real estate development companies to sell units in dollars to investors outside Egypt, whether foreigners or Egyptians abroad.

Chairperson of BETA Egypt for Urban Development and a board member of the Real Estate Investment Division Alaa Fekry addressed the importance of providing suitable housing for the aspirations of the middle class, saying that companies are no longer focusing on the middle class, due to the high prices of the units offered.

He stated that land offering procedures have become more transparent, and called for the application of mechanization and the speedy issuance of licenses, explaining that a time frame must be set for implementing the procedures for the real estate sector in Egypt to become attractive for investment. He also pointed out the importance of state support for companies in foreign exhibitions, given their high cost.

CEO of Paragon Developments Bedeir Rizk said that investment funds and the real estate stock exchange are tools that can help increase real estate investment in Egypt, indicating the importance of providing government incentives to companies that work to achieve sustainable development.

CEO of Saudi Egyptian Developers Mohamed Al-Taher explained that construction licenses are issued for one purpose, whether excavation or construction. He demanded that licenses be comprehensive to accelerate project implementation rates and reduce the cost of construction in light of economic conditions.

Country Manager at Prime Properties Egypt Ahmed Sherif called for facilitating coordination between private companies and the government in the field of Egyptian citizenship through investment.

CEO of Misr Real Estate Assets Management Maha Abdel Razek called for the necessity of integrating the real estate financing system and reducing the tax bracket, pointing out that real estate financing has witnessed global success due to the presence of tax incentives, which do not exist in Egypt.

For his part, Vice Chairman and Managing Director of Tameer for Mortgage Finance (Al Oula) Ayman Abdel Hameed addressed the issue of mortgages, explaining that mortgage volumes are developing but are still far from ambitions. He stressed the importance of establishing a database for all projects that have been financed under construction and projects financed after construction through the unified national number, which allows the possibility of real estate refinancing for projects under construction. He noted that the cessation of financing projects under construction was for reasons, including the lack of a specific delivery date for the projects from the developers.


Daily News Egypt

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