Egypt to launch Real estate stock exchange within four months.
Egypt plans to launch the real estate stock exchange within four months after completing the required legislation, which will stimulate the real estate market in the country, according to Ahmed El-Sheikh, head of the Egyptian Stock Exchange for “Al-Sharq.”
The Egyptian Stock Exchange “finished the basic system for launching the real estate stock exchange, and the settlement and linkage system with the real estate month; we are waiting for about four legislations from the Financial Supervisory Authority, the real estate month, the Ministry of Justice and the Council of Ministers,” according to Sheikh’s statements to “Al-Sharq” on the sidelines of a joint meeting between the committees of real estate development and contracting, and capital markets and stock exchange at the Egyptian Businessmen Association held on Monday.
Sheikh did not go into more detail about the real estate stock exchange. Still, he confirmed that work is underway to establish a real estate month unit within the headquarters of the Egyptian Stock Exchange dedicated to transferring ownership and announcing the real estate asset within 24 hours.
The real estate stock exchange is a unique market for trading and transferring ownership of real estate assets. This stock exchange is a commercial platform that enables investors and real estate companies to buy and sell shares in real estate assets or invest in real estate projects.
Real estate for sale in Egypt
According to a document seen by “Al-Sharq,” the stages of registering the property for trading in the proposed stock exchange include the owner determining the property to be registered and then choosing the real estate appraiser to determine the value of the property and ownership units that will be traded.
Then, The owner prepares all the papers and documents necessary to register the property for trading, then inquiries from the real estate registry unit at the stock exchange about the ownership data of the property owner. After that, the owner addresses the stock exchange with documents that include a statement from the real estate registration unit, then the stock exchange lists data on The property on its database and issues a trading code, then informs all parties of the code for trading in real estate.
According to the document, meetings for launching the stock exchange concluded that limiting the first phase of the real estate stock exchange to registered properties used in non-residential activity and dividing the property into equal real estate shares estimated by one square meter.