Lamees El Hadidi: Housing Ministry hands Jefaira project to new developers

The Housing Ministry has intervened to resolve the delay in delivering units for Inertia Egypt’s North Coast residential project Jefaira, “assigning this project to other real estate developers,” El Sora’s Lamees El Hadidi said without disclosing the developers’ names. Sources from within this real estate alliance confirmed the project will undergo a two-week study and evaluation before the transfer, El Hadidi added (watch, runtime: 4:21).

A new agenda: The alliance includes developers with proven track records, with sources confirming that their top priority in this project will be buyers’ rights, particularly buyers whose contracts date back to 2017-18, El Hadidi said.

Upcoming legislation: El Hadidi also covered upcoming regulations that are set to reshape the real estate market. She noted that a draft law establishing the Egyptian Real Estate Developers Federation could be ready within three weeks, and is heading to the House of Representatives for review when its next legislative session opens in October.

REMEMBER- In last week’s Hardhat, EnterpriseAM highlighted the changes expected in the real estate market as a result of the upcoming legislation. We examined the effects these changes will have on filtering out non-serious developers from the market and shed light on the pressures and impacts left on both buyers and developers.