During the meeting, a proposed initiative was reviewed to make real estate units available for sale in dollars, whether to Egyptians abroad or foreigners
Prime Minister, Mostafa Madbouly, held a meeting today to review a proposed initiative to sell real estate units in dollars under a set of incentives, in cooperation between the cabinet and private sector developers
During the meeting, a proposed initiative was reviewed to make real estate units available for sale in dollars, whether to Egyptians abroad or foreigners. Real estate developers will be part of this initiative through their units. The developers participating in the initiative will be offered with a number of incentives in order to ensure the success of the initiative.
Madbouly also emphasized that the initiative would achieve a major boom in the performance of the Egyptian Stock Exchange (EGX), accelerate the growth of projects in the New Administrative Capital and similar new cities, strengthen and stimulate demand for local real estate and boost foreign currency inflows.
In October 2023, the EGX Chairman Ahmed El-Sheikh announced that it will launch a new real estate exchange within four months. El-Sheikh also stated that a notary public unit within the EGX will be created for the ownership transfer and registration of real estate assets.
Recognized as one of the region’s largest real estate markets, Egypt currently has more than 530 residential and mixed-use real estate projects valued at $329.57 billion, according to a report by Property Finder in September.
