The Real Estate Development and Contracting Committee at the Egyptian Businessmen’s Association (EBA) has held an extensive meeting with Chairperson of the Real Estate Registration Authority, Gamal Yaqout, to review the development plan for real estate registration services and the new facilities for registration.
Vice-Chairperson of EBA Fathallah Fawzy stated that the real estate market in Egypt has suffered from difficulties in real estate registration, with the lack of activation of the in-kind registry law.
Fawzy said that the Egyptian Survey Authority’s examination is one of the most serious obstacles in terms of registration period, which takes years in addition to its high cost, not to mention the requirement of the related governor’s approval.
Alaa Fekri, vice-chairperson of the Real Estate Development and Contracting Committee, said that the real estate market needs great attention in facilitating registration procedures because it is a huge national wealth and supports Egyptian real estate export industry.
Fekri called for facilitating real estate developers in transferring ownership of real estate within the New Urban Communities Authority Law, noted that companies suffer from obstacles of Survey form and the repetition of procedures in the event of selling each unit.
For his part, Gamal Yaqout said that Law No. 9/2022 is a new shift for the real estate registration, as it introduces new systems in transferring ownership and measuring area for all real estate on a daily basis, in addition to eliminating sequence of ownership and high cost of measuring area.