After numerous postpones of the implementation of the controversial law on regulating the registration and documentation of real estate in public notarization offices, it was proposed that the law is amended to relieve Egyptian citizens from the 2.5% disposal tax, so citizens can pay a reduced flat fee would depend on the size and type of the property in terms of ownership.
As a main incentive of the government, the citizens’ interest, the Real Estate Registration Law was postponed to 30 June, 2021.
Citizens were taken by surprise that the amendments of the real estate registration law were suggested from the start to lift their financial burdens off their chest and minimize the beauracratic steps that usually takes a lot of time.
The law dictates that citizens should be paying documentation fees ranging from LE500 To LE2000, and a 2.5% property disposal tax, a 1% to the bar association, and other expenses.
The law also requires that the documentation of a certain unit should be finalized within a year of the start of the process to access electricity, natural gas, and water. And if the owner fails to finish the documentation of their requirements within the time frame, the process will take place from the very beginning.
Finally, it’s predicted that by the end of 2022, most of the transactions in the real estate domain will be digitally available, and it’s clearly demonstrated in the recent emergence of virtual exhibitions.