Shokry said that the global real estate assets reached $4trn, of which 60% are owned and managed by real estate funds, noting that“whoever wants to create a strong real estate in Egypt must have funds, and unfortunately we do not have real estate funds in Egypt.”He added that MIPM exhibition in France, the largest real estate conference and exhibition in the world, is considered the first stop for those who want to put themselves on real estate export map because it represents the largest gathering of real estate funds in the world, as there is no strong real estate industry in a country without presence of property funds. Head of the Real Estate Export Council highlighted that the most important problems are property funds, and stressed the need to amend executive regulations. He disclosed,“There are 860 real estate funds worldwide, and we in Egypt do not own any fund, and therefore it is not possible to claim export property because real estate funds always deal with projects with fixed periodic returns, and there are specialised real estate funds at the global level in the last ten years in terms of health and education. The existence of real estate funds must be activated, the executive regulations must be amended and problems related to them must be overcome, and large financial institutions must be encouraged, in cooperation with banks in Egypt, to establish real estate funds as a first step to attract foreign real estate funds. There are real estate funds in more than 40 countries in the world, including African countries in Nigeria and South Africa.
