Properties with proper legal status and paperwork will automatically have its price driven up if sold after
Real Estate Registry and Notarization head Gamal Yaqout has confirmed that registration of real estate properties is optional, as long as basic facilities and necessities have already been delivered to the property.
In a TV interview, Yaqout highlighted that the Real Estate Registration Law mainly requires real estate registration to ensure the delivery of those facilities. He also noted that facilities already connected will not be cut off.
Properties with proper legal status and paperwork will automatically have its price driven up if sold after.
He pointed out that the real estate tax of 2.5 percent is "very high", in light of real estate prices, calling on the concerned authorities to reduce it to encourage citizens to adhere to registering their properties.
On Wednesday, Minister of Finance, Mohamed Maait confirmed that no new tax has been imposed on real estate transactions, and that there is no intention to increase the burden on citizens.
“We only aim to obtain the state's legal right to enhance spending on improving the standard of living and public services,” the minister clarified.
