Parliament Debates Property Ownership
The House of Representatives discussed the amended draft law of the Real Estate Ownership Law of 2026, with the aim of improving the investment environment in the real estate sector. The law includes provisions to develop the real estate market through the preparation of studies and periodic indicators, enhance transparency, and accelerate the removal of joint ownership issues by simplifying procedures. It also seeks to digitize all real estate transactions to facilitate procedures, reduce costs, and save time. Additionally, the law allows for the sale and subdivision based on plans before the property is built and relies on issuing allocation certificates to support bank financing. It eases restrictions on partners participating in property divisions and sets a six-year payment period for expropriation compensations, with late payment penalties. The law also coordinates with other laws, such as the Wadi Al-Arab Development Law, to prevent overlapping regulations. The project aims to attract investments, achieve higher efficiency in the real estate market, and resolve longstanding unresolved issues.
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