Real estate developers in Egypt are urging the government to adopt a regulatory framework that integrates models from the UAE, Saudi Arabia, and the UK. The proposal seeks to enhance oversight of off-plan sales and ensure timely project completion amid government efforts to tighten sector regulations. President Abdel Fattah Al-Sisi recently ordered stricter measures against developers who miss construction deadlines.
Industry figures, including Beta Egypt chairperson Alaa Fekry, suggest implementing a system similar to Dubai’s, which utilizes escrow accounts to ensure buyer funds are dedicated to specific projects. Developers also advocate for Saudi Arabia’s pre-licensing requirements and the UK’s focus on consumer protection and transparency. Experts argue that while international models offer valuable guidance, Egypt must create a tailored framework suited to its unique market demands and institutional capacity. #RealEstate #Egypt #Regulation