CAIRO, June 16 (MENA) - Prime Minister Mostafa Madbouly affirmed the government’s commitment to holding regular meetings with members of the advisory committees formed across various sectors.

These meetings aim to follow up on the implementation of the insights and recommendations proposed by the committees to enhance target sectors and achieve the desired goals, Madbouly said during a meeting on Monday with members of the Advisory Committee on Urban Development and Real Estate Export.

The meeting was attended by Governor of the Central Bank of Egypt Hassan Abdalla, Minister of Justice Adnan Al-Fangari, alongside Minister of Housing, Utilities and Urban Communities Sherif El-Sherbiny.

Madbouly noted that the government is currently implementing the recommendations previously proposed by the committee, especially those related to expediting preliminary property registration procedures.

He highlighted significant steps taken in the real estate export file, particularly in light of the increasing demand for Egyptian properties, especially in the North Coast.

The premier also addressed challenges facing the real estate sector, including the need for developers to ensure that foreign currency proceeds from overseas sales of property are transferred into the Egyptian banking system. He emphasized that instances have been recorded of sales taking place abroad in foreign currencies without entering the official financial channels, stressing the need to regulate this in the coming period.

Madbouly said new regulations will soon govern real estate exhibitions held in Egypt that promote properties located abroad, including a requirement to obtain prior approval from the Ministry of Housing and Urban Communities.

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.

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 Administrative 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.

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

Cabinet Spokesperson Mohamed el Homsany said 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. (MENA)

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