CAIRO, March 25 (MENA) - 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.

Madbouli gave the remarks during a meeting with Communications and Informatiin 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 bodies concerned.

Housing Minister Sherif el Sherbini said real estate activities contribute to national economy, stressing that demands on real estate have been on the rise over the past period thanks to the national projects carried out by the government.

He stressed 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, a move that requires listing all housing units, classifying them and integrating them into a unified electronic system.

In this regard, he suggested setting up a real estate regulatory company to be tasked with providing an integrated data base for all Egyptian properties, establishing a unified property identification number, and developing an electronic platform for real estate transactions and registration.

The company will also regulate broker activities, issue professional licenses, oversee the real estate market in Egypt, increase state revenues and safeguard state rights.

The communications minister expounded outlines of the real estate export platform to be implemented by the ICT ministry as part of Digital Egypt initiative.

The platform, which seeks to increase foreign investors’ confidence in Egyptian real estate products, will help secure property rights via a unified ownership register, facilitate registration and ownership transfer procedures, and ensure transparency in registration and ownership transfer 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 said a committee grouping real estate and legislation experts has been formed to study laws in the countries that managed to achieve significant success in their real estate export file.

Abdelatty reiterated readiness to promote the platform through Egyptian embassies and consulates worldwide, targeting not only Egyptians living abroad but also those interested in possessing property in Egypt.

He also highlighted several challenges that need to be addressed to facilitate foreigners’ ownership of Egyptian real estate. (MENA)
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