Transparency in the Egyptian property market
is to be increased through the creation of a new committee which aims to deal with a string of legal challenges to sales of state land to developers.
The lawsuits, combined with growing political and social unrest in the Middle East, have shattered confidence in the once-booming sector.
It all started last year when a court ruled that a sale of state land to the Talaat Moustafa Group, the country's biggest developer, was illegal. This sparked a series of similar legal challenges, revolving around whether the government should have respected a 1998 law stipulating all state land sales must take place after competitive bidding.
However, despite the problems, there are signs that overseas developers
are preparing to return to the country. Qatar is reported to be drawing up potential projects worth at least USD 10 billion.
This follows a visit to Egypt earlier this month by Qatar's emir, Sheikh Hamad Bin Khalifa Al Thani.
"I believe these projects, when implemented, will surpass USD 10 billion and they will be productive products in Egypt," Ambassador Saleh Al Buainein told Al Ahram.
- Friday 27 May 2011