Aqar Exit Founder Blasts Real Estate Developers for Stalling Contract Transfers to Push New Inventory
Dr. Mahmoud Ammar, founder of the "Aqar Exit" platform, has brought a new issue to light regarding the real estate contract resale crisis. He criticized what he described as certain developers deliberately stalling unit assignment procedures, despite the presence of new buyers ready to fulfill the financial and contractual obligations.
In a Facebook post, Ammar stated that some real estate developers are halting unit assignment procedures and asking clients to wait until the developers sell their own newly launched units on the market first.
The founder of "Aqar Exit" questioned: "So, what comes next with the real estate developers who have suspended assignments and say, 'Wait until we sell our new stock first'? How should we deal with them?"
He further questioned the mechanism through which these cases could be handled, and whether it would be appropriate to publicly announce the names of the companies obstructing assignment processes. He emphasized that, from his perspective, the continuation of this situation leaves the defaulting client facing an escalating crisis.
Defaulting Buyers Caught Between Installments and Exiting
Ammar's remarks come at a time when the real estate contract resale market is witnessing growing interest, alongside the emergence of a segment of clients who are no longer able to complete the remaining installments on their units.
According to data published by "Aqar Exit," the platform recorded about 9,839 assignment files between August 8 and September 5, 2026. Meanwhile, the number of units offered or under review reached 5,045 units, with an estimated market value of EGP 72.2 billion, compared to approximately EGP 53.6 billion—the original contract value of these units.
These figures, which are based on files registered on the platform, indicate the sheer volume of demand in the real estate assignment market, even if they do not represent the entirety of the Egyptian real estate market.
Why Do Clients Resort to Assignments?
The concept of assignment relies on transferring an existing contract to a new buyer. This allows the original client to exit their obligations, while the new buyer resumes the remaining installments according to the contract terms and the developer's procedures.
In this model, the goal is not necessarily to secure an additional profit from the resale, but rather to enable a client who can no longer afford payments to exit the contract instead of continuing with financial obligations they cannot meet.
"Aqar Exit" presents itself as a platform to regulate these types of transactions. It reviews the unit's data and contract before listing it, offering units at the existing contract price without a seller-imposed "overprice" (premium), according to the platform's announcements.
"The Problem is That the Defaulting Buyer Bears the Harm"
Ammar believes that the primary problem arises when a client finds a buyer ready to complete the contract but cannot finalize the assignment process due to the developer's stance.
"They don't care about the law or anything else; that's just how it is... and the defaulting buyer is the one taking the damage," he stated in his post, expressing his frustration over the continuation of practices he views as crippling the client's ability to exit their obligations.
These criticisms come within a broader context of debate surrounding assignment fees and procedures. Ammar had previously discussed the impact of high assignment fees on closing resale deals, confirming that some transactions fell through due to exorbitant fees or unit-related issues.
"Aqar Exit" Proposes a Model for the Secondary Market
The platform's core concept is based on creating a secondary market for real estate contracts, bridging the gap between a client wishing to exit and a new buyer looking for a unit at the old contract price.
According to the platform, the seller recovers the funds they have already paid, while the new party purchases the contract at the originally fixed price and completes the remaining installments, with no commission charged to the seller by the platform.
Ammar clarified in previous statements that about 60% of the owners of units listed on the platform are selling for less than the total amounts they had previously paid, in search of liquidity and a quick exit.
Does the Assignment Market Need Clearer Rules?
The complaint by the founder of "Aqar Exit" reopens a broader question about the mechanisms of reselling real estate contracts, the limits of the developer's role in assignment procedures, the fees borne by the client, and the time it takes to secure approvals.
While the developer is a fundamental party in executing contract transfer procedures and fulfilling obligations, Ammar believes that having a new buyer capable of continuing payments can serve as a practical solution for the defaulting client, rather than leaving them with the choice of either continuing payments they can't afford or facing the consequences of contract cancellation.
Resolving this dilemma remains tied to the contracts signed between clients and developers, the regulatory rules of each project, and the legal standing of each individual case. This makes the need for clear and transparent assignment procedures a pressing issue as the real estate contract resale market rapidly expands.
Ammar's published remarks did not include specific names of the developers he referred to, nor did they include a response from the concerned companies regarding the reasons for halting or delaying assignment procedures. This leaves the door open for developers to respond and clarify their stance.
To date, the volume of units offered through the Aqar Exit platform has exceeded 7,500 units, with a total value surpassing EGP 115 billion.