Egyptian Bourse to Rollout Real Estate Exchange in 4 Months: EGX Chairman
The Egyptian Exchange (EGX) is on track to introduce a real estate exchange system within the next four months, according to statements made by Chairman of the EGX, Ahmed El-Sheikh, to Asharq Business on 24 October.
El-Sheikh revealed plans to establish a notary public unit within EGX to facilitate the transfer and registration of real estate assets.
WHAT IS THE REAL ESTATE EXCHANGE?
The prospective EGX exchange involves individuals or entities swapping property ownership between one another – similar to stock exchanges in the stock market.
The real estate exchange typically targets investors who intend to enrich their investment portfolio or those strategically looking at locations with a promising return on investment.
The real estate units available for trading on the exchange will be divided into shares based on specific square meter measurements.
Local startup Partment, founded in 2022, offers a similar concept through co-ownership – in which vacation properties are split into shares that could be purchased for investment or leisure.
The first phase of the real estate exchange will prioritise non-residential vacant registered properties, according to a document referenced by Asharq Business.
The EGX’s latest expansion comes in light of the government’s recent measures to further strengthen the real estate market, which is one of the largest in the region.
There are 534 residential and mixed-use real estate projects in Egypt, with a total value of USD 329.57 billion (EGP 10.18 trillion), according to a study by Property Finder, one of Egypt’s leading property listing companies.
Egypt’s real estate sector represents 20 percent of the country’s GDP, according to Chairperson of Administrative Capital for Urban Development, Khaled Abbas.
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