The Real Estate Registry is a legal system wherein real estate rights in kind are established, and the legal standing of properties is recorded. Registration on this register is also a condition for the transfer, establishment (or lack thereof), and acquisition of the right to the property between parties and/or against third parties contesting ownership.
Recently, the state has prioritized the inventorization of all real estate, primarily to understand the magnitude of the real estate sector in the country, to protect the ownership of individuals, and to motivate citizens to register their properties, in order to minimize conflicts that have long plagued the corridors of the courts and the judiciary.
Based on this, Law No. 9 of 2022 was issued, addressing several amendments that will facilitate the procedures for registering property, and limit manipulation within the real estate sector. Essentially, this is achieved by separating the payment of the real estate transaction tax from the property registration, in addition to shortening the wait time for a property registration request, from two years to 37 days, as well as minimizing the documents and data required (only the details of each party, their capacity, and authority, and an official digital map that includes the unit's data and coordinates are required). This law also set a maximum fee of 3900 pounds only for the registration of real estate and apartments.
Those who have lived within a property for over 15 years can now register as owners of the property, without the need to show a sequence of ownership. Likewise, those who have an initial sale contract for a property for over 5 years, can also register as owners. On the other hand, the law sets severe penalties for forged registration papers, including imprisonment for a period of no less than one year, and a fine not exceeding 50 thousand pounds.
The Executive Regulations of the Law also introduced a number of template forms for the registration of real estate, which must be submitted in their original form along with the ownership history of the property, serial number and date and time of registration, to the Real Estate Registry.
To conclude, the aim of this article is to highlight the state's latest developments in its broader strategy and vision to digitalize Egypt and advance the government's performance at various levels. This, in turn, will help to ensure the provision of high-quality services, whilst also protecting citizens' property, and enhancing the overall investment environment.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.