Ahmed El-Sheikh, chairman for the Egyptian Exchange.
A notary public unit is set to be established within the EGX for ownership transfer and registration of real estate assets, El-Sheikh added during an interview with Asharq Business on Monday.
According to a document cited by Asharq Business, the first phase of the real estate exchange will focus on non-residential vacant registered properties.
Real estate exchange is when individuals or entities swap ownership of properties, typically for portfolio adjustments or location optimization, involving a mutually agreed-upon transfer of titles and often financial considerations.
Units that will be traded in the real estate exchange will be divided into a set of shares each determined based on certain square meters.
Egypt is taking steps to organize and boost the local real estate sector. In August, the Egyptian Cabinet approved a draft law for the establishment of a national electronic database for real estate.
The system is expected to assist in government planning and development processes by providing authorities with a simplified system to register old properties; a crucial aid given the country's millions of unregistered old buildings nationwide.
The Egyptian real estate sector is one of the biggest in the region. The number of residential and mixed-use real estate projects in Egypt currently stands at 534 with a value of $329.57 billion, according to Property Finder.
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