Egypt advances real estate regulation law with developers' union and classification

Egypt's cabinet has continued drafting a law to regulate the real estate market, centered on a developers' union and a developer classification system.

• Prime Minister Mostafa Madbouly discussed the proposed draft law with real estate developers in a meeting attended by Housing Minister Randa El-Menshawy.
• Madbouly said the legal framework follows a directive from President Abdel Fattah al-Sisi to prepare the law.
• El-Menshawy said the new law would create a professional union and classify developers by business volume and financial solvency.
• Tarek Shoukry, head of the Real Estate Development Chamber, said classification would bar land authorities from granting plots to developers whose capabilities do not match project scale.