Cairo: Prime Minister Mostafa Madbouli underlined on Tuesday the importance the government attaches to the real estate export file, saying it is on the top priorities of the cabinet at the time being. He stressed that the government is working on facilitating measures of selling Egyptian real estate units in US dollars to foreigners, saying the government is promoting this important file through Egyptian embassies and consulates abroad.
According to State Information Service Egypt, Madbouli gave the remarks during a meeting with Communications and Information Technology Minister Amr Talaat, Foreign Affairs, Emigration and Egyptian Expatriates Minister Badr Abdelatty, Justice Minister Adnan el Fangari, Housing Minister Sherif el Sherbini, and other representatives of concerned bodies. Housing Minister Sherif el Sherbini noted that real estate activities contribute to the national economy, emphasizing that demand for real estate has been rising due to national projects carried out by the government.
He stated that selling real estate to foreigners requires a group of executive measures, highlighting the housing ministry’s ongoing efforts to enact an integrated strategy to market Egyptian real estate abroad. This strategy involves listing all housing units, classifying them, and integrating them into a unified electronic system. In this regard, he proposed setting up a real estate regulatory company to provide an integrated database for all Egyptian properties, establish a unified property identification number, and develop an electronic platform for real estate transactions and registration.
The communications minister detailed the outlines of the real estate export platform to be implemented by the ICT ministry as part of the Digital Egypt initiative. The platform aims to increase foreign investors’ confidence in Egyptian real estate products by securing property rights through a unified ownership register, facilitating registration and ownership transfer procedures, and ensuring transparency in these operations and costs.
He also reviewed global experiments in providing digital real estate services, highlighting proposed digital systems and the role of government bodies in this domain. The justice minister mentioned that a committee of real estate and legislation experts has been formed to study laws in countries that have achieved significant success in their real estate export file.
Abdelatty expressed readiness to promote the platform through Egyptian embassies and consulates worldwide, targeting not only Egyptians living abroad but also those interested in owning property in Egypt. He also highlighted several challenges that need to be addressed to facilitate foreigners’ ownership of Egyptian real estate.