Mohamed Ghobashy Outlines a Comprehensive Vision for an Integrated Regulatory Framework to Support the Real Estate Market
Mohamed Ghobashy, Secretary General of the Real Estate Developers Association and Chairman of Scope Developments, has proposed a comprehensive vision aimed at enhancing the discipline, operational efficiency, and regulatory standards of the Egyptian real estate market. This initiative seeks to bolster the sector’s role as a primary driver of national economic growth.
Ghobashy emphasized that the current stage necessitates a transition toward a more effective institutional entity. This body would serve as a strategic partner to the state in urban development, organizing the market and raising professional standards to ensure sustainability while protecting all stakeholders: developers, clients, and the state.
Key Pillars of the Proposed Framework:
Capacity Building: Establishing a specialized real estate academy to train market personnel and launching advanced training programs for department managers, focusing on AI, digital transformation, project management, and real estate marketing.
Employment & Professionalism: Expanding training and recruitment programs for fresh graduates and implementing a Professional Code of Ethics to ensure fair competition and protect the market from unregulated practices.
Institutional Presence: Organizing local and international real estate exhibitions, launching a specialized media platform, and providing a permanent headquarters for member services.
Legislative & Governmental Cooperation: Establishing a permanent dialogue with government entities to unify visions. Key demands include:
Accelerating the issuance of the Real Estate Developers Law.
Activating the Single-Window System for licensing.
Implementing Escrow Accounts to protect customers and support real estate exports.
Standardizing unit area calculation methods across the market.
Economic Incentives and Market Flexibility:
Ghobashy called for providing diverse land plots to suit various developer segments, simplifying allocation procedures, and studying flexible payment mechanisms (cash and in-kind). He also highlighted the importance of reducing interest rates to 6% for social housing and 8% for middle-income housing to boost purchasing power and support the mortgage system.
Global Competitiveness and Social Responsibility:
The vision includes expanding international exhibitions and encouraging companies to join the “Digital Egypt” platform to enhance the regional and global competitiveness of Egyptian real estate. Furthermore, it emphasizes the sector’s social role through structured cooperation with civil society organizations.
Conclusion: Ghobashy concluded by stating that this approach marks a necessary transition from theoretical concepts to practical execution, contributing to market stability, enhancing developer efficiency, and supporting the state’s path toward a more organized and sustainable real estate market.