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Egypt President postpones enforcement of controversial Real Estate Registry Law -

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Egypt President postpones enforcement of controversial Real Estate Registry Law

2-year transitional period given for community dialogue over Real Estate Registry Law


Egyptian President Abdel Fattah Al-Sisi has postponed the enforcement of controversial amendments to the Real Estate Registry Law for a two-year transitional period.

In a Monday statement, the presidency stated that the transitional period will allow the time for a community dialogue over the law.

The new real estate registration law has stirred controversy on social media and among the public over the past several days as the initially scheduled date of enforcement approached.

Al-Sisi said that during the transitional period, a fixed, reduced fee will be collected when registering a property instead of the 2.5% property disposal tax.

Earlier on Sunday, the Cabinet submitted draft amendments to the law allowing the prime minister to postpone its enforcement.

According to Law 186/2020, which was approved by the House last August, citizens are required to pay fees to register properties at the Real Estate Registration and Notarisation Authority starting 6 March.

These fees range between EGP 500 for properties with an area up to 100 sqm, and EGP 2,000 for over-300-sqm properties.

The new fees, according to 2020 amendments, shall be paid when property owners request to install utility meters, such as water, gas, and electricity, or when they apply to transfer ownership of the property.

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https://dailyfeed.dailynewsegypt.com/2021/03/01/egypt-president-postpones-enforcement-of-controversial-real-estate-registry-law/
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