On Saturday, the newly formed Real Estate Development Chamber, affiliated to the Federation of Egyptian Industries (FEI), held its first meeting inside the FEI headquarters to announce new procedures taken by the chamber, aiming to address the problems facing Egypt’s real estate sector. The chamber will hold the first conference on 12 December with the Ministry of Housing and real estate developers. Promote launching real estate investment fundsShoukry claimed that launching real estate funds in the local market would contribute to accelerating the pace of work and investment through the creation of a mechanism to finance developers and spur the resale of units. The profit margin of these funds would be estimated at 15% in the Egyptian market, compared to 5% in European countries. The chamber will work with various agencies in order to facilitate the enforcement of contracts and agreements related to the real estate sector.

Source: Daily News Egypt December 05, 2016 06:53 UTC