The real estate domain in Egypt has been one of the sectors that was expected to get the hardest hit by the COVID-19 pandemic, especially with the excess supply and the declining demand. However, experts and stakeholders stated that the demand has been on the rise this quarter, they also noticed that it’s significantly doing better than the second half of 2020.
New markets were tapped by developers recently especially with the emergence of virtual exhibitions and other tools that were indeed very enabling and assisting with all the safety measures that’s been taken.
Earlier this year, it was announced that a new unified real estate ID system is under construction, which will enable the government to keep track and take stock of real estate wealth and establish a database that’d be centralized in order to use it in licensing and the ownership registration procedures.
It’s also expected that this system will be serving the e-commerce sector, where the need to come up with an innovative way to register old and ancient properties was emphasized.
Meanwhile, it was revealed that the first governorate that’ll have the system applied will be Port Said Governorate.
This announcement took place after a meeting that included The Prime Minister, Minister of Communications and Information Technology, Deputy Minister for Administrative Development, Digital Transformation and Automation, Chairman of the Real Estate Tax Authority, And the head of the Information Technology sector at CAPMAS.