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Properties Registration Contributes in Increasing the Revenue

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Real estate market faces instability crisis due to the economic conditions and the shakiness of the dollar price. In addition to that, after 25 Jan revolution, a lot of people evade from registering their properties. So, the experts indicate that about 2.4 million disorderly properties have got built in that period which affect the market.

Negative Impacts of Evading from Registering Properties

  1. Losing the agricultural sector of these lands,
  2. The properties can’t benefit from the public facilities,
  3. Losing the state resources,
  4. The properties can’t get into real estate financing cycle.

Despite that, in the past, the registration fees were calculated as a 7.5% of the property price, and now it’s only 2000 EGP maximum. However, there’re a lot of disorderly properties which are almost 95% of the total real estate in Egypt, and perhaps the reason is due to one of these obstacles:

  • The arduous of registration process,
  • The extra fees (5000 EGP) that got collected by the bar association,
  • The needed collecting and recording tools are not available in the real estate publicity department.

Impact of not Registering Properties on Real Estate Financing Companies

Since that the real estate financing companies are conditioned to deal with the registered properties only, there were the most who got affected by such crisis. That’s why they had to deal with the unregistered properties in the new compounds under the condition that such properties can get registered any time.

Conclusion

Solving the crisis of evading from registering the properties contributes to increasing the sales/revenue, reviving the real estate market, and thus solving the economic crisis.