Thursday June 13th, 2024
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Egyptian Exchange Will Launch New System for Real Estate Exchange

Additionally, a notary public unit will be established to facilitate the transfer and registration of real estate assets.

Cairo Scene

Egyptian Exchange Will Launch New System for Real Estate Exchange

The Egyptian Exchange (EGX) is in the final stages of developing a real estate exchange system, which is expected to launch within the next four months, as announced by EGX Chairman Ahmed El-Sheikh. Additionally, a notary public unit will be established within EGX to facilitate the transfer and registration of real estate assets. The initial phase of the real estate exchange will primarily focus on non-residential vacant registered properties.

The concept of a real estate exchange involves the exchange of property ownership between individuals or entities, often for reasons such as portfolio optimisation or location adjustments, typically involving the transfer of property titles and, in some cases, financial considerations. This initiative is part of Egypt's broader efforts to organise and enhance the local real estate sector.

In August 2023, the Egyptian Cabinet approved a draft law for the creation of a national electronic database for real estate, which aims to simplify property registration processes and aid in government planning and development, particularly for the numerous unregistered old buildings throughout the country.

Egypt's real estate sector is a significant player in the region, with 534 residential and mixed-use real estate projects valued at approximately $329.57 billion, as reported by Property Finder.

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