Monday 16/June/2025 – 06:42 PM
Dr. Mustafa Madbouly, Prime Minister, chaired a meeting today; With the members of the Consultative Committee for Urban Development and Export of Real Estate, in the presence of Hassan Abdullah, Governor of the Central Bank of Egypt, Counselor Adnan Fangri, Minister of Justice, Engineer Sherif El -Sherbiny, Minister of Housing, Utilities and Urban Communities, and Rana Badawi, Deputy Governor of the Bank for the Control Instructions Sector.
At the beginning of the meeting, the Prime Minister pointed out that many periodic meetings and meetings with the members of the consulting committees that were formed in various sectors, with the aim of following up the implementation of the visions and recommendations offered by the members of these committees to advance the targeted sectors, and achieve more desired goals from these sectors.
Dr. Mustafa Madbouly pointed out that the government is currently working on implementing the recommendations that have been presented during the meetings of the Consultative Committee for Urban Development and Export of Real Estate, and the importance of these recommendations to accelerate the procedures for registration of initial real estate, noting also to the important steps taken in the real estate export file, especially in light of what we are witnessing at the present time on the ownership of Egyptian real estate units, especially in the northern coast region.
The Prime Minister, during the meeting, noted the challenges facing the real estate sector, including the necessity of the commitment of the various real estate developers to enter the return on the sale of units that are sold abroad in foreign currencies to the banking system, pointing out that sales operations abroad are monitored to foreign criticism, without entering the banking system, which must be worked on during the coming period to regulate the market in this regard.
The Prime Minister indicated, during the meeting, that controls will be established to hold real estate exhibitions that take place inside Egypt, and promote real estate projects located abroad, provided that the commitment to obtain the approval of the Ministry of Housing and Urban Communities before organizing them.
During the meeting, members of the Consultative Committee presented a number of mechanisms that allow the promotion of Egyptian real estate products and their sale abroad in foreign currency, and at the same time bringing this hard currency to the banking system, and closing the door to those who sell these units abroad, without benefiting the banking system from this currency.
The Minister of Justice pointed out, during the meeting, to the efforts and studies that are currently taking place between the ministries of “Justice, Housing and Communications”, to work on establishing the real estate sale and launch platform soon, noting that the Ministry of Housing, Utilities and Urban Communities has prepared a proposal for a law currently being studied, aimed at “initial registration” for real estate, adding that during the coming days two offices will be opened in the new administrative capital, the first for the sale of real estate for foreigners, and the second is private By marrying foreigners, as part of the government’s efforts to facilitate these measures.
During the meeting, the Minister of Housing and Urban Communities reviewed efforts to cooperate with a number of concerned authorities to implement the recommendations that are presented during the meetings of the Consultative Committee, indicating in this regard to the coordination with the Minister of Justice, and what has been made regarding the initial registration of real estate, in addition to the efforts to export the real estate, and the inclusion of this from the establishment of a unit for exporting real estate within the new urban communities body, in addition to the unit of real estate market regulation, not to pay Until the outputs of these two units will be raised to the Consulting Committee and the Council of Ministers during the coming period.
The Minister of Housing added: Work is done to establish a real estate platform with the aim of promoting and providing real estate products, and it is scheduled to be available to enter real estate developers on this platform to display their various real estate products.
In this context, the Prime Minister directed the speedy equipment of the real estate platform to launch it, to include the various data and information buyers need, and he also asked the central bank governor the necessity of setting controls that would contribute to facilitating the procedures for exporting real estate, and at the same time entering the returns of this sale from the foreign currency to the banking system.
Counselor Mohamed Al -Homsani, the spokesperson for the Presidency of the Council of Ministers, stated that during the meeting, the components of the proposed real estate export system were reviewed, which aim to increase reliability in the Egyptian real estate product, through the implementation of several mechanisms that include securing property rights by establishing a unified royal record, facilitating registration procedures and transferring ownership, and the transparency of the procedures and cost required to register and transfer real estate ownership.
The spokesperson noted that a number of international experiences were reviewed regarding the provision of real estate services digitally, and the pillars on which these experiments relied.
The presentation included a reference to a number of proposed digital systems with the aim of achieving integration, and reaching a comprehensive real estate export system, as it was noted that among these digital systems is the system of verification of real estate data, the system of signing for purchasing and selling contracts, the real estate registration system, the real estate management system, the system of obtaining the real estate number, and the role of various government agencies and bodies related to implementation was also indicated in implementation The integrated system for the export of real estate, as well as reviewing the time plan to implement the first stage of the real estate export system, within one of the new urban cities.
