Makan Developments Introduces a Landmark Clause Linking Installments to Construction Progress
Makan Developments has announced the introduction of a new clause in its client contracts, representing a major breakthrough in Egypt’s real estate sector. The new clause links client installment payments to the actual progress of construction, ensuring that clients have the right to suspend payments if any delay or halt in construction occurs.
This pioneering step reflects Makan Developments’ commitment to transparency, credibility, and safeguarding client rights — setting a new benchmark for fair and secure contractual practices in the Egyptian real estate market.
Statement by the General Manager
Commenting on the announcement, Ibrahim El Feky, General Manager of Makan Developments, stated:
“This decision reflects our full confidence in our execution capabilities and strong financial solvency, which enable us to meet delivery schedules and maintain the highest quality standards. It also embodies our vision to establish new industry standards that build trust between clients and developers through a practical model that balances client rights with developer commitments.”
El Feky also urged the relevant authorities to consider adopting the Escrow Account system in the Egyptian market — a mechanism that has proven its efficiency and reliability in the UAE.
“The Escrow Account system ensures that all installment payments are deposited into a dedicated account for each project, under government supervision. This guarantees that developers adhere to construction milestones and protects clients’ funds, thereby creating a safer and more sustainable environment for Egypt’s real estate market,” he explained.
