Egypt's new USD real estate sales initiative: Top 10 facts

Initiative Overview: Egyptian Prime Minister Mostafa Madbouly has proposed an initiative for selling real estate units in US dollars.

Collaborative Effort: The initiative is a collaborative effort between the Egyptian cabinet and private sector developers, aimed at attracting Egyptian expatriates and foreign investors.

Developer Involvement: Real estate developers are central to this initiative, with plans for them to offer their units specifically in US dollars.

Incentives for Participation: Developers participating in this initiative will receive incentives to encourage their active involvement.

Anticipated Benefits: The initiative is expected to significantly benefit various sectors, including boosting the Egyptian Stock Exchange (EGX), spurring growth in the New Administrative Capital and other new cities, increasing demand for local real estate, and enhancing foreign currency inflows.

Real Estate Exchange Plans: Ahmed El-Sheikh, Chairman of the EGX, announced in October plans to launch a dedicated real estate exchange within the next four months.

Notary Public Unit: A notary public unit will be established within the EGX to facilitate the transfer and registration of real estate assets seamlessly.

Current Market Size: Egypt's real estate market is one of the largest in the region, featuring over 530 residential and mixed-use projects.

Market Value: These real estate projects in Egypt have a combined value of approximately $329.57 billion.

Timing of the Meeting: The initiative was discussed in a meeting convened by Prime Minister Madbouly on 23 November 2023.