Egypt New Real Estate Law Overview
Egypt has launched a new draft law to regulate the real estate development sector, aiming to establish a unified legal framework that governs the relationship between developers, the market, clients, and regulatory authorities. The proposal includes the creation of the Egyptian Real Estate Developers Union, classification of companies based on their financial and technical capabilities, and protection of project funds through separate bank accounts for each project. It also sets requirements for practicing the activity, such as minimum area thresholds, and emphasizes the regulation of sales processes and advertising. Additionally, mechanisms are introduced to follow up on stalled projects and penalties for violators. The law aims to enhance transparency, enforce uniform standards, and organize the market more effectively. It is currently under discussion before its issuance and implementation.
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