New Property Registration Law
Posted On November 14, 2018
The old property registration law was like a disaster for the safe state budget as due to the difficulties of the procedures of registering properties, people tend to not register their properties what makes it hard for the state to set accurate insights regarding the real estate resources so that it’d be impossible to put fees and taxes on the properties, as the percentage of the registered properties is only 15% of the total ratio.
That’s why the state enacts the new property registration law to avoid the problems that used to happen due to the old property registration law. So, one of the solutions provided in the new property registration law regarding certain or new cities is to register the whole area so all the properties’ owners have to do is to submit documents proving their ownership of the property (which can be done electronically). Also, the registration process will only take 3 or 4 months that used to take around a year to get done.
In addition, services and facilities will be prevented for the unregistered properties until they are registered.
However, in order to put an end for the problems of the old cities, a specialized committee was established to implement amendments to find a solution.
The new property registration law is meant to solve many problems as some citizens who own a lot of unregistered properties apply for the social housing units whereas it’s difficult to reject their request as they are not proving their ownership of other properties. So, the new property registration law is here to protect citizens’ rights.
Also, one of the problems caused by the unregistered properties is the weakness of the mortgage finance as it can’t be given in case of unregistered properties. Therefore, the new property registration law would help to increase the mortgage finance and provide opportunities for people to obtain their own unit.
Moreover, according to exporting properties abroad, it’s hard to export unregistered properties as foreign and Egyptians abroad refuse to own a property that is not registered as they want to guarantee their legal rights.
It is expected that by applying the new property registration law, many problems will be eliminated.