Wednesday, October 17, 2018
Directory Directory Subscribe
Login
 

Exporting real estate attracts attention of real estate developers

 
 

Please, enter data

Please, enter data

Daily News Egypt, 13 March 2018

The export of real estate’s value in the world is estimated at $2tn, while the size of the real estate industry (buying and selling) is estimated at $250bn annually, according to Mohamed Montasir, CEO of Egyptian Experience.

Montasir said that the volume of real estate purchases of British people from foreign markets is about $12bn annually, due to the high real estate tax in Britain, which is close to 40% of the value of the property, which makes British citizens prefer to buy property outside their country.

Montasir added that the export of real estate in Egypt has achieved positive results due to Egyptian real estate being less expensive compared to the global market.

He noted that the most important challenges facing the export of Egyptian real estate are a shortage of legislation regulating real estate export and a property registration problem, which is a problem for Egyptian as well as foreign citizens.Montasir called for developing the legislative structure, especially in the touristic areas that developers work in, and the development of infrastructure, especially airports, which are relying on the absorption of the number of tourists in the city.

“Egypt needs $12bn annually from the tourism industry, which will be achieved by providing strong infrastructure,” Montasir said. “The unified contract is one of the necessary guarantees for the export of property and some developers have problems in understanding the law regulating property export and they are in need of identifying the legal needs of foreigners. Egypt is still a virgin market in the field of industrial development and medical tourism.”

He pointed out that Egypt needs investments of $750bn to be directed to infrastructure projects.

For his part, Mario Volpi, sales manager at Engel & Völkers, a German company, said that Dubai’s experience in exporting real estate began in 2002 when it allowed ownership by foreigners in a certain area, but there were a number of challenges that faced the initiative, including delayed implementation of various projects.

However, Dubai has developed a framework to be able to supervise investments on land owned by the state.

Volpi added that there is a regulatory body that provides licenses to real estate marketing companies to ascertain the company and the project being marketed.

He pointed out the rise in the interest rate in the Egyptian market compared to the decline in the interest rate of the market of Dubai, which makes the UAE more attractive than Egypt.

Daily News Egypt
13/03/2018

  COMMENTS
Login to Add Your Comment  (for subscribers) | Subscribe

 

Latest News

Russian and Egyptian presidents meet to boost trade
Arab News, 17 October 2018

Russian President Vladimir Putin is hosting his Egyptian counterpart Abdel-Fattah El-Sisi for talks focusing on ways to boost trade between the two nations.
...

Read full story
Russian and Egyptian presidents meet to boost trade
Dubai Route 2020 station bridges work on track
TradeArabia News Service, 16 October 2018

Dubai officials said all the bridge works related to the Route 2020 network will be completed by the end of next month.

The new route covers the ...

Read full story
Dubai Route 2020 station bridges work on track
Egypt reaches $3bn financing deal with World Bank
Xinhua , 16 October 2018

The World Bank (WB) has agreed on a new financing deal of three billion U.S. dollars with Egypt, Egyptian Investment Ministry said in a statement on Tuesday.
...

Read full story
Egypt reaches $3bn financing deal with World Bank
Back to Home Page 2768 --- 0 <><><> 629.33333333333.....exvideo=0....eximage=0
P 0
BR 21

 
KSA Manufacturing Tech Show
22 - October 2018
3rd Annual Future Police Technology and Forensics Summit GCC 2018
12 - November 2018
3rd Annual RetrofitTech KSA
18 - November 2018
3rd Annual Mosque Design & Development Summit
26 - November 2018
3rd Annual Dubai Green Hotel Innovation
26 - November 2018
 
  View more  

Market Indecies
 
Saudi SE - 2.32%
Dubai FM - 4.53%
Abu Dhabi SE - 3.99%
Kuwait SE - 1.51%
Doha SM - 8.36%
Muscat SM - 6.18%
Casablanca SE Closed
Bahrain SE - 0.98%
Cairo SE Closed
Amman SE - 1.12%
 

Quick Links
  Reports  
  Articles  
  Brochures & Flyers  

Up-coming events
  Food Africa Cairo - 8 December - 10 December 2018  
  Mac Fruit Attraction - 8 December - 10 December 2018  
IFP Group Events Calendar

Magazine sections
  Finance  
  Zoom  
  Growth Markets  
  Regional Overview  
  Editorial  
  Tips and Tricks  
  Spotlight  
  Home Finance  
  Our Meetings
 
  Focus
 
  News
 
  Legal Issues
 

 

               
IFP Corporate
• IFP Emirates
• IFP Lebanon
• IFP Qatar
• IFP Iraq
• REC Saudi Arabia
• IFP China
Lebanon
Beirut Boat
Energy Lebanon
Project Lebanon
Sustainable Digital Ecosystem Summit
Qatar
Heavy Max
Hospitality Qatar
HQ - Food Qatar
Project Qatar
Qatar Stone Tech
Iraq
Saudi Arabia
Riyadh Motor Show
 
 
  IMC
IFP Group 2018 - © All rights reserved