Real estate one stop shop to be launched in Egypt
Egypt, Economics, 1/11/2005

Chairman of the Real Estate Financing Authority in Egypt Sameh Al- Torgoman asserted that the Authority, over the coming period, will operate through three main axes so as to enforce the real estate financing law, encourage the real estate investment and facilitate obtaining housing units by citizens.

Given its importance as a vital factor in enhancing the economic development process in Egypt, Torgoman revealed the major obstacles impeding the real estate financing system in Egypt, asserting that organizing the real estate market and completing its infrastructure needs between 5-10 years.

He noted that real estate securitization comes among the challenges encountering the market, given that most of the Egyptians' inheritances are real estate units that could never be benefited from. This highlights the importance of registration as more than 80 % of real estate is not registered.

On the other hand, Torgoman spoke of some positive measures being enforced such as finalizing the amendments introduced to the executive statute of the real estate financing law and which will be referred to the Cabinet shortly.

To face the shortage in technical cadres, an agreement is currently underway with both the Ministries of Communications and Administrative Development to launch the E-learning system, along with holding training courses for financial and real estate mediators at the American University in Cairo (AUC) and Alexandria University, he added.

Moreover, a comprehensive vision of the real estate market's rules and regulations will be submitted to the ministers concerned soon, Torgoman noted. During the coming period, the Real Estate Financing Authority will count on a genuine partnership with world specialized companies so as to activate the real estate financing and prepare the necessary databases in addition to luring Canadian and Indian companies to play an important role in the re-financing operations, according to Torgoman.

Elaborating, he said that some $ 35 million, out of the foreign aid funds, were allocated to establishing a genuine technological system and working out a technical study for launching what could be called "a real estate code" to be used in classifying the real estate companies.

In cooperation with the Ministry of Administrative Development and the Ministry of Justice, a real estate "one stop shop" system will be launched to encompass all concerned departments such as survey and registration activities, Torgoman expounded.

The system will be launched in one of the new cities which will be a pilot project to test how well the system will work out, he said, pointing out that the Real Estate Financing Authority will establish a website this Year.

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