Real estate outperforms all global assets...its value has reached $380 trillion

Real estate outperforms all global assets...its value has reached $380 trillion
Real estate outperforms all global assets

Parliament discusses the draft law on the unified national real estate number

Representative Amr Darwish, Secretary of the Local Administration Committee in the House of Representatives and a member of the Youth Coordination of Parties and Politicians, confirmed that the Housing, Utilities and Local Administration Committees will discuss the draft law on the unified national real estate number next week in conjunction with the House of Representatives sessions.

The draft law aims to reform, arrange and organize the urban situation in Egypt

Representative Amr Darwish said in press statements that this project was prepared by the government and its purpose is to reform, arrange and regulate the state of construction in Egypt, especially since the state of construction has witnessed, over many decades, a state of chaos and randomness.

Darwish pointed out that the Central Agency for Public Mobilization and Statistics played a major role in the real estate digitization file by creating a national electronic real estate database that contains a unified number for each property, not duplicated with another number in the same place.

Property identity

City agencies are responsible for placing identification plates to identify the property

The Secretary of the Local Administration Committee in the House of Representatives explained that according to the draft law referred by the government to the House of Representatives, the Central Agency for Public Mobilization and Statistics, in coordination with the Ministry responsible for Communications and Information Technology, will determine the components of the unified national number for the property, and the means through which the identity of the property is identified according to the unified national number. 

  Including issuing identification cards or plates, and means and mechanisms for updating the database of the unified national property number, in light of the conditions occurring on the property related to construction, demolition, division or merger, indicating that the committee invited the relevant government agencies to attend the parliamentary meeting.

Darwish stressed that the local administration units or city agencies in the new urban communities will place cards or plates identifying the property through its unified national number, and the database of the unified national property number will be updated periodically according to conditions related to construction, demolition, division or Merger.

The new draft law provides for the implementation of the following:

Establishing a national electronic real estate database consisting of a unified number for each property, non-repeatable, and distinguishing each property.

The codes for the unified base map of the Arab Republic of Egypt must be linked from within the secured environment of the spatial information infrastructure system.

Access to the non-retirement technical image of the base map must be through the secured environment of the aforementioned system of the competent authority.