Deputy Leader of the Wafd Party bloc in the Egyptian Senate, Yasser Qoura, has submitted the first "proposal by request" to the Senate's housing committee during the second legislative term, outlining a comprehensive plan to better regulate Egypt's real estate market. Qoura said the proposal is centred on establishing a unified digital, financial and regulatory system designed to enhance transparency, ensure fairness and strengthen market discipline. The initiative aligns with the state's digital transformation agenda and efforts to improve the investment climate. The framework, titled the "Real Estate Regulatory Unit," aims to create a permanent system to oversee the sector, protect the rights of buyers and investors, and curb market manipulation and unregulated practices. Qoura said the plan would help stabilise the property market, improve project execution, eliminate "illusory property sales," and position real estate as a driver of sustainable economic growth. He stressed that the proposal's core objective is to safeguard investors' funds, protect buyers' rights, and establish a fair legal structure that also supports developers and promotes overall market stability. Qoura added that, despite the sector's strategic economic importance, particularly for Egyptians at home and abroad, as well as Arab and Gulf investors, Egypt still lacks a comprehensive law governing real estate transactions. Under the proposal, a national real estate authority would be established to regulate the market and supervise projects. Each project would be required to operate a mandatory escrow account into which all customer payments and financing would be deposited. Disbursement to developers would be tied to verified construction progress, monitored by a general consultant and the proposed authority, to ensure timely and compliant project delivery. The system, Qoura noted, is designed to benefit both buyers and developers. Buyers' funds would be protected, while developers would be shielded from risks arising from unforeseen economic shocks such as currency devaluation. Compensation would be limited to actual cost differences without additional profit margins, helping ensure projects are completed even under challenging conditions. The proposal also calls for unifying sales contracts across real estate companies, requiring standardised and transparent data on unit areas, pricing, services and facilities. This measure aims to reduce price disparities and curb unfair practices across the sector. Drawing on international models tailored to Egypt's market, the draft incorporates elements from the regulatory experiences of the UAE, Saudi Arabia and the United States, adapted to local circumstances. Key features include the creation of a national coordinating body composed of representatives from the Ministries of Housing, Justice and Finance, as well as the Central Bank of Egypt, to oversee projects and regulate relationships between developers, buyers and financiers. The plan also proposes launching a unified digital monitoring platform providing a comprehensive database of all projects, developers, actual prices and construction progress. Linked to banks, financing institutions and the New Urban Communities Authority, the platform would enhance transparency and enable real-time oversight. To speed up dispute resolution, the proposal recommends establishing a specialised judicial unit comprising judges, legal advisers and engineering experts to handle real estate disputes efficiently, avoiding delays associated with traditional civil courts. Additional measures include requiring developers to issue a digital unit identification certificate detailing the approved area, true price per square metre, project registration number and the project's dedicated bank account. The draft also bans vague or misleading terminology in sales contracts. The proposal seeks to attract foreign investment through tax and administrative incentives for environmentally compliant developers, simplified registration procedures for foreign buyers and strengthened international marketing of Egyptian real estate through embassies and diplomatic missions. Post-delivery management is also addressed through provisions for dedicated maintenance accounts, with maintenance deposits transferred to homeowners' associations to ensure service sustainability. The proposal will now be examined by the relevant Senate committees before being referred to the House of Representatives and subsequently to the government for further consideration.
