Egypt’s government on Sunday discussed delaying the implementation of a controversial real estate bill until December, with the law currently submitted to parliament for further review. The meeting reached consensus that the government would submit a draft law to the House of Representatives amending the Real Estate Registration and Notary Authority’s law concerning the regulation of the real estate registry, giving the Cabinet time to postpone its implementation until the end of December. Madbouly pointed out that roughly 95 percent of real estate is unregistered, and the government hopes that all citizens will register their properties with the aim of fortifying and preserving them. Therefore, the government will work on its part to facilitate the real estate registration procedures. This is alongside adjusting, securing and activating the real estate market, and at the same time eliminating unlicensed construction and slums, he added.

Source: Egypt Independent March 01, 2021 09:33 UTC