Egypt’s national real estate ID will consist of a number for each governorate, the property’s date of birth, and the owner’s national ID number, Head of Real Estate Development Chamber at Federation of Egyptian Industries, Tarek Shoukry, has said.
Shoukry stated: “We demanded the national real estate ID system years ago, as it would resolve asset ownership conflicts in the future, and help real estate export.”
Last week, the Egyptian Cabinet approved the national real estate ID draft law during its weekly meeting.
According to the Cabinet, the draft law stipulates that a national electronic database for real estate will be established whereby each property will be designated with a non-duplicable unified identifier linked to the codes of Egypt’s unified BaseMap.
Furthermore, the draft law states that the Central Agency for Public Mobilization and Statistics (CAPMAS), in coordination with the Ministry of Communications and Information Technology, as well as other ministries and relevant entities, will be responsible for determining the components of the unified national property identifier.
Shoukry noted that the total number of units in Egypt is not precisely defined; meanwhile, the presence of the national ID will define the number of units accurately so that we have sound information. Accordingly, it helps the state to be aware of the size of real estate wealth and helps investors to be aware of investment opportunities and places that need more properties.
Registration will be mandatory and easy; each neighborhood will receive a code number, then a street number, then a building number; public mobilization and statistics committees, in coordination with the Ministry of Communications, will list real estate at the level of the Republic, and they will code it, he explained.
“There is an initial period starting from 6 months and a maximum of 3 years, and within 3 and a half years, we will have an inventory of all properties and a national ID for each unit, and any amendments that occur to it will be amended to the ID, and thus the ownership will be well counted,” Shoukry disclosed. “Previous inaccurate estimates dating back to four years ago indicated that the value of real estate wealth ranged between EGP150-200tr, but with the classification and registration process different figures will appear, in addition to a change in estimates due to inflation and other influences that occurred during the past period.”
