Egypt

Two real estate companies investigated for misleading ads

The Consumer Protection Agency (CPA) has referred the companies Al-Futtaim Misr for Real Estate and Tourism and Gulf Real Estate and Tourism Investment to the Nasr City prosecution on charges of placing misleading ads in newspapers about selling residential units on a timeshare basis, though they have not obtained licenses to practice this activity. 
 
CPA President Atef Yacoub said he received complaints from Al-Futtaim clients who bought units in the Mona Lisa Compound in Marsa Matrouh and found there were no facilities there.
 
He added that clients from the Gulf company did not receive the units they had contracted for on time.
 
Yacoub called on buyers to check what is said in similar ads before purchasing the units.
 
 
Edited translation from Al-Masry Al-Youm
 
Back to top button