There has been an emphasis on accurate data and information about the volume of demand for real estate in Egypt
Real estate developers in Egypt are looking to boost sales through digitalisation of the local property market. Recently, Alaa Fekri, member of the Real Estate Investment Division at the Federation of Egyptian Chambers of Commerce and Chairperson of Beta Egypt, emphasized the need for data and information to help develop the market, and highlighted the importance of making this data available to foreign investors. Fekri also pointed out that the lack of data and information is currently a major obstacle for foreign investors looking to invest in Egypt's real estate market.
Walid Mokhtar, Secretary General of the Egyptian Real Estate Council, called for the availability of information and data about the real estate market, including prices and commissions of marketers, as well as available opportunities and the required offerings. He also recommended the creation of an online database with information about the New Urban Communities Authority's controls for real estate development companies. Mokhtar stressed the need to solve problems related to the unification of real estate-related information issuers.
Mohamed El-Taher, CEO of the Saudi Egyptian Company for Development, suggested digitising procedures for registering real estate units and lands using blockchain technology, which would facilitate the export and sale of real estate units. He called for the establishment of a strong database that includes the origin, identity, and history of property to ensure ease of registration and identification of its owners. El-Taher further suggested the creation of a specialised body in the transfer of real estate ownership in Egypt, based on digitisation and technological development.
Tarek Elgamal, founder and Chairperson of Redcon Construction, highlighted the importance of establishing free zones for value-added services that would contribute to providing technological and informational services to real estate development companies. Hany Mahmoud, former Minister of Communications and Chairperson of Vodafone Egypt, stressed the importance of relying on information technology in the real estate sector to attract investments and help the government and companies make right decisions. Mahmoud also called for the creation of a database that includes all projects and lands available for the advancement of the real estate sector.
