Prime Minister Dr. Mostafa Madbouly held a meeting to follow up on the real estate export file and efforts in digital marketing. The meeting was attended by the Ministers of Communications, Foreign Affairs, Justice, and Housing and officials from the Central Bank. Madbouly emphasized the importance of real estate export as a governmental priority, highlighting the facilitation of property purchase and registration for foreigners and significant incentives to promote this initiative through embassies and consulates.
During the meeting, Minister of Housing, Utilities, and Urban Communities Engineer Sherif El-Sherbiny underscored the significance of the real estate sector in the national economy, noting its growing importance due to major national projects. He stated that Egyptian real estate serves as a value reserve for individuals and companies, making its sustainability a strategic goal. He also stressed the need to implement real estate export measures, including offering facilities and developing a comprehensive strategy to market Egyptian real estate abroad. This involves identifying target markets and classifying available units within a unified electronic system.
Engineer Sherif El-Sherbiny presented a proposal to establish a Real Estate Market Regulatory Authority in Egypt, aiming to develop an integrated real estate database, create a unified identification number for properties, and launch an electronic platform for transactions and registrations. The proposal also includes regulating real estate brokers’ activities and granting them licenses. Additionally, the discussion covered the Egyptian Real Estate Platform, its operational mechanisms, international best practices, and expected outcomes in the real estate sector. Strategies of the Ministry of Housing for property offerings and target audience classifications were also addressed.
Justice Minister Adnan Al-Fanjari announced the formation of a committee from the legislative and real estate registration sectors to study the laws of countries that have made significant progress in real estate export. The goal is to enhance contracting and registration procedures for foreigners wishing to buy property in Egypt. Meanwhile, Foreign Minister Dr. Badr Abdel Aty stated that there is a readiness to promote the platform through Egyptian embassies and consulates, targeting not only Egyptians abroad but also foreign investors interested in purchasing real estate in Egypt. He also pointed out the challenges that must be addressed to facilitate this process.
