The Egyptian government has launched Property Egypt, a unified digital platform designed to facilitate real estate ownership for foreigners and Egyptians living abroad. The initiative, announced by Prime Minister Mostafa Madbouly, serves as a primary mechanism to increase the country’s foreign currency resources by tapping into international demand for Egyptian property.
The platform is engineered to provide a secure and transparent digital system for property exports, ensuring investor protection through a unified regulatory framework. Prime Minister Madbouly emphasized that the government is prioritizing real estate investment to sustain high growth rates in the sector.
A Unified Digital Gateway for Property Exports
The core mission of Property Egypt is to streamline and regulate the process of selling local properties to international buyers. The system is directly linked to the national property registry, a crucial feature that verifies ownership and prevents fraudulent transactions.
Communications and Information Technology Minister Amr Talaat stated, “The platform aims to regulate property exports through a unified framework, achieving transparency and credibility by providing a clear and organised market.”
Phased Rollout Starting with New Alamein City
The initial phase of the platform has gone live featuring over 3,000 units located in the burgeoning New Alamein City. Each of these properties has been issued a unique real estate identification number to ensure traceability and security within the system.
According to Minister Talaat, the government plans to expand the platform’s geographic scope in subsequent phases. Future listings will include properties in key developing areas such as the New Administrative Capital, New Mansoura, New Rashid, Sawari, and Sheikh Zayed.
Multi-Ministry Collaboration to Ensure Investor Confidence
To bolster the platform’s integrity and streamline the investment process, several government bodies are collaborating. Housing Minister Sherif El-Sherbiny confirmed that his ministry has worked with the Central Bank of Egypt to establish clear mechanisms for opening and managing bank accounts for developers, regulating the financial flows from foreign buyers.
Adding a layer of legal security, Minister of Justice Adnan Fangari noted that a draft resolution on real estate transactions has been prepared to provide all necessary facilities for buyers. He highlighted that the ministry’s involvement offers a guarantee to international purchasers against the risk of a single unit being sold multiple times.
Furthermore, Investment and Foreign Trade Minister Hassan El-Khatib pointed to ongoing efforts to streamline residency permits and property registration for those who purchase through the platform. Tarek Shoukry, a member of the Advisory Committee for Urban Development and Real Estate Export, also confirmed that private developers are being coordinated with to list their projects following the initial government-led phase.
About Property Egypt
Property Egypt is a government-led digital initiative launched by Egypt to create a centralized and secure platform for selling real estate to foreigners and Egyptians abroad. It aims to boost foreign currency inflows by providing a transparent and regulated marketplace for property exports, backed by a multi-ministry framework to ensure investor protection and streamline transactions.
Source: Zawya
