By Hamed Mahmoud
The New Urban Communities Authority’s decision to temporarily stop selling state lands to individuals is an addition to the real estate sector, and will be a starting point for the sector during the coming period, said Dr. Abdel-Hamid al-Wazir, Chairman of Arabisk Real Estate Development Company. He added that the decision will help prevent non-specialists to enter the real estate sector, forecasting that the real estate units prices will not be rised, thanks to the NUCA efforts to offers its lands at specific prices.
“There will be a minimum and maximum pricing mechanism in accordance with the requirements of the real estate market, and customers will choose their units according to the competitive advantage of the companies, a matter that will benefit both the customers and the companies,” al-Wazir said.
He emphasized that with the issuance of the Real Estate Developers’ Union Law, there will be regulation of the real estate market similar to the Egyptian Federation Construction and Building Contractors, which classifies real estate companies into categories, as per specific controls and standards, thus protecting the real estate sector from any challenges it faces.
He stressed that the real estate sector is based on real and rapid development, according to the state’s support for the real estate sector, and the establishment of many new cities. The state has been able to support the sector by launching many initiatives that contribute to the advancement of the real estate sector and providing more investment opportunities, whether for local or foreign investors.
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