The Egyptian Real Estate Chamber (ERC) has called for establishing a single entity to oversee the country’s real estate export file.
In an interview with the “هنا الجمهورية الجديدة” program on Al Nahar TV, ERC CEO Counselor Osama Saad Eldin said that the export file requires further organization to deliver the right real estate product to the targeted foreign client.
He explained that the foreign client needs a ready-made, fully finished unit with the necessary services available, which are the same conditions that even the Egyptian client working abroad requires in the unit they purchase in Egypt.
Eldin added that the Egyptian real estate product is unique in all its details, as the climate in Egypt is excellent all year round, and the cost of living in Egypt is lower compared to foreign countries.
Eldin also pointed to the role of the media in promoting the distinguished projects being implemented in Egypt through regional and foreign media to inform clients outside Egypt, as well as to market the benefits of obtaining a property in Egypt, such as granting citizenship and residency.
Ahmed Mansour, CEO of Cred, confirmed that genuine regulations are in place to protect the real estate sector and safeguard the rights of customers, the state, and property developers. In case any developer faces financial difficulties, they are supported to ensure their continuity through facilitations provided by the government to the real estate market. He also mentioned that global economic changes have impacted the real estate market and caused delays in project deliveries for some real estate companies.
He pointed out that the Egyptian Industries Union includes 19 chambers related to various Egyptian industries. The Real Estate Development Chamber, in particular, is only 6 years old, established to serve as an umbrella under which real estate developers operate. There are 1,260 original members who are real estate developers in the Real Estate Development Chamber, and there are 7,000 members under consideration for joining the chamber.
