95% of Egypt’s real estate is unregistered: EBA

95% of Egypt’s real estate is unregistered: EBA

First Vice-Chairperson of the Real Estate Development and Contracting Committee at Egyptian Businessmen Association (EBA) Alaa Fekry stated that 95% of real estate in Egypt is not registered. This has affected real estate wealth and the possibility of preparing a strong database in the local market that in turn contributes to achieving many of the goals the state aspires to, which include exporting property and attracting foreign investments to the market. Fekry said that bureaucracy and lengthy procedures were one of the main reasons for not registering, and highlighted the importance of confronting these obstacles and developing solutions to them. Accordingly, some procedures have been taken recently after amending some laws, including the issuance of Law No. 9/2022 amending some provisions of Law No. 114/1946 regulating real estate registration, and Law No. 177/2022. He added that the real estate market needs an integrated online system at the latest level, which in turn organizes all real estate transactions and monitors buying and selling dealings and projects available in the local market, which in turn creates a database that contributes to preserving real estate wealth. He elaborated that the current period requires a revolution in procedures and the final elimination of bureaucracy