Madbouly proposes initiative to offer real estate sales in USD

CAIRO – 23 November 2023: Prime Minister Mostafa Madbouly convened a meeting today to discuss an initiative aimed at selling real estate units in US dollars. The proposal, developed through collaboration between the cabinet and private sector developers, seeks to attract both Egyptian expats and foreign investors.

Under the proposed initiative, real estate developers will play a key role in offering their units for sale in US dollars. Incentives will be provided to participating developers, serving as a catalyst for their active involvement in the initiative.

Madbouly stressed that the implementation of this initiative would yield significant benefits, including a major boost to the performance of the Egyptian Stock Exchange (EGX), accelerated growth of projects in the New Administrative Capital and other new cities, increased demand for local real estate, and a surge in foreign currency inflows.

In an announcement made last October, Ahmed El-Sheikh, Chairman of the EGX, revealed plans to launch a dedicated real estate exchange within the next four months. As part of this effort, a notary public unit will be established within the EGX to facilitate the seamless transfer and registration of real estate assets.

Egypt's real estate market, recognized as one of the largest in the region, currently boasts more than 530 residential and mixed-use projects with a combined value of $329.57 billion, according to a report by Property Finder published in September.