16/08/2023
The Real Estate Investment Division is calling for increase in real estate projects to reduce prices

Eng. Daker Abdellah, a member of the Real Estate Development and Contracting Committee of the Egyptian Businessmen Association and a member of the Real Estate Investment Division of the Federation of Chambers of Commerce, said that the current crises are beyond the control of the state and are due to global changes and events that negatively affected the economic conditions in the whole world and included, of course, the real estate sector.
Daker Abdullah indicated that no one expected the prices of building materials to rise in this way in a very short time as a result of global changes, and the price of a ton of iron exceeded 40 thousand pounds per ton, as well as unexpected increases in various building supplies such as cement, ceramics, alumetal, and others.
Eng. Daker Abdullah confirmed that the real estate developers who contracted with their clients to sell units to them a while ago at old prices, and as a result of the successive increases in raw materials and building materials, the cost increased from the prices at which they were sold to clients earlier, and this led to great losses for developers and some failed to fulfill their obligations towards Customers in the implementation of housing units and hand them over to them, and some delays.
Daker Abdullah pointed out that the real estate developers have large projects in different cities, whether in El Alamein, the northern coast, October, Zayed, the administrative capital and other new urban cities.
Engineer Daker Abdallah suggested that to compensate the losses suffered by the developers as a result of the large and unexpected increase in the prices of building materials, the need to assist project owners in adhering to their contracts with customers in handing over their projects through the approval of the competent authorities to increase the areas, even a residential floor in the existing and ongoing projects, in exchange for payment. Fees proposed by the entrusted authorities for this role in existing real estate projects, and this role is sold to new clients at current prices to compensate for the high prices of building materials in previous contracts, and projects are currently being implemented.
He noted that in the event of approval of increasing the role of building areas in real estate projects, whether residential, administrative, commercial or service, it will be a lifeline for real estate developers and support their commitment to implementing their projects towards their clients and protecting them from stumbling or stopping.
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