A real estate expert calls on the government and “Housing of Representatives” to develop incentive mechanisms to export real estate abroad
Yahya Salama, a real estate expert and president of A2Z Real Estate Company, called on the government and the House of Representatives Housing Committee to put in place incentive mechanisms to export real estate abroad.
And Salama explained in a statement today, that the government must currently motivate non-Egyptian customers to invest in real estate, by granting some privileges such as exemption from taxes or granting him residence on the land of Egypt for a certain period.
Yahya Salama said that Egypt witnessed a very large urban boom during the era of President Sisi, especially the new cities, which contributed to attracting foreign investors and exporting real estate to foreigners abroad
Salama added that although the Egyptian real estate market is attractive to foreigners, especially Arabs, there are some obstacles that limit achieving full success in the real estate export file, foremost of which is the process of registering the property, one of the problems facing developers in Egypt
He explained, that there is a large percentage of Egyptian real estate that is not registered, and there is no public authority to regulate it as is the case in other countries, which creates a problem for any property owner, whether his property is ready, under construction or scheduled to be established, which leads in many cases to a crisis. Confidence in the client, especially with the high unit price, as well as when dealing with a new development company.
Salama continued: “It is illogical for the customer to go to buy a villa or property whose price is, for example, 10 million pounds, and everything he gets from the developer or everything that proves his right is just a “paper or a colored contract”, so we demand the presence of an official independent body whose regulatory mission is It contains all unit data and is a reference for both the developer or the customer.
The real estate expert said that it is necessary to have major exhibitions under the auspices of the state as well represented in its embassies and consulates abroad and commercial representation offices outside Egypt in partnership with companies organizing major exhibitions, and facilities and incentives for foreigners to purchase units such as fixed-term residence or nationality should be activated.
He added, “We must be well aware that real estate export is a new and important type of hard currency that enters the national economy, and this is due to the strengths that Egypt possesses in this file, including the size of the security, political and economic stability that Egypt enjoys now, so it is It has become a major Qibla that attracts foreigners, especially Arabs.”
Salameh stressed that there is a difference between the idea of exporting real estate abroad and buying a foreigner who is on the land of Egypt real estate for investment, as the state must provide privileges for those who want to obtain a property to reside in Egypt
Salameh indicated that currencies should be fixed when buying and safe exit from them when selling