There should be better governance of the distribution of lands to the real estate sector’s developers, said Hassan Hussein, chairman and managing director of El-Taamir Mortgage Finance Company.
Speaking during a Euromoney conference session on Wednesday, Hussein was addressing the issues that face the housing construction and real estate sectors in Egypt.
Hussein said the Central Bank of Egypt’s (CBE) housing initiative, announced this year, has activated the market and has sent out a strong economic and political message. It has particularly emphasised that Egypt is paying attention to the housing and construction sectors. He added that amending the mortgage finance law will also help develop the sector, and that “all these are positive measures”.
During his speech, Hussein said that the real estate market’s financing “is better than five years ago”.
CEO of Lafarge Egypt Hussein Mansi said that real estate developers are looking forward to building sustainable urban communities and to extending the lifetime of their projects.
Developers need to have long term plans for construction projects rather than mainly focusing on the fiscal values, Mansi noted.
Marketing Director of Dorra Group Karim Soltan also stressed, during his speech, on the significance of building sustainable urban communities. He emphasised his hope that developing the communities, such as connecting them to the electricity grid, should be guaranteed by the government.
SODIC’s Chief Development Officer Bazil Ramzy said that real estate developers understand the needs of customers and are developing large-scale master plan to construct more sustainable communities.
Meanwhile, Colliers International’s Regional Director for the Middle East and North Africa, Ian Albert, stressed the Egyptian construction and real estate market has potential for growth. He added that it is different than any other market, due to its huge size.
Speakers at the session have also discussed the social responsibility of developers to meet the growing demand of low-income citizens.
Lafarge CEO Mansi said his company is carrying out social housing projects, which allows low-income citizens to access 45-square metre houses.