Prime Minister Dr. Mostafa Madbouly chaired a meeting with members of the Advisory Committee for Urban Development and Real Estate Export, Invest-Gate reports.

Attendees included Mr. Hassan Abdalla, Governor of the Central Bank of Egypt (CBE); Counselor Adnan Al-Fangari, Minister of Justice; Eng. Sherif El Sherbini, Minister of Housing, Utilities, and Urban Communities; and Ms. Rana Badawi, Deputy Governor of the CBE for Supervisory Instructions.

Madbouly emphasized the importance of holding regular meetings with advisory committee members across various sectors. This initiative aims to follow up on the implementation of the visions and recommendations presented by these members to advance targeted sectors and achieve desired objectives.

Madbouly pointed out that the government is actively working to implement the recommendations from the Advisory Committee for Urban Development and Real Estate Export, which include expediting initial property registration procedures.

He also highlighted significant steps taken in the real estate export sector, especially given the current demand for Egyptian real estate ownership, particularly in the North Coast region.

Madbouly addressed the challenges facing the real estate sector, including the need for various developers to ensure that proceeds from the sale of units abroad in foreign currencies are deposited into the banking system.

He noted that sales abroad in foreign currency are being monitored, and it is essential that these deposits be made to regulate the market.

Madbouly indicated that regulations will be established for holding real estate exhibitions in Egypt that promote projects abroad, contingent upon obtaining approval from the Ministry of Housing and Urban Communities prior to organizing such events.

During the meeting, committee members presented mechanisms to promote Egyptian real estate abroad and ensure that foreign currency revenues benefit the banking system, while closing loopholes that allow for circumvention.

Al-Fangari discussed ongoing efforts and studies between the Ministries of Justice, Housing, and Communications to launch an official real estate sales platform.

He also mentioned a new draft law proposed by the Ministry of Housing that introduces the concept of “preliminary property registration.”

Within days, two new offices will open in the New Capital, one dedicated to property sales to foreigners and another to process marriages involving foreign nationals, as part of broader efforts to streamline such procedures.

El Sherbini outlined cooperation efforts with other ministries to implement the committee’s recommendations, highlighting the coordination with the Ministry of Justice on preliminary property registration and the establishment of two specialized units: one for real estate export and another for market regulation within the New Urban Communities Authority.

He confirmed that the outputs of these units would soon be submitted to the advisory committee and the Cabinet.

He added that work is underway to launch a real estate platform for promoting and listing available properties, with developers granted access to showcase their offerings.

Madbouly directed that the platform be completed quickly and include all necessary information for potential buyers. He also asked the CBE Governor to implement policies that facilitate real estate export procedures and ensure foreign currency inflows to the banking sector.

Counselor Mohamed Elhomosany, the official spokesperson for the Cabinet, stated the meeting also reviewed the proposed real estate export system, designed to increase confidence in Egyptian real estate. It includes mechanisms to secure ownership rights through a unified property registry, simplify registration and transfer processes, and ensure transparency in procedures and costs.

The presentation showcased international best practices in digital real estate services and proposed digital systems for property verification, e-signing of contracts, property registration, management, and issuing property ID numbers.

It also outlined the roles of relevant government bodies in implementing an integrated real estate export system and a timeline for launching the first phase in one of the new urban cities.