Egypt, France airdrop aid to Gaza amid growing humanitarian crisis, global criticism of Israel    Supply minister discusses strengthening cooperation with ITFC    Egypt launches initiative with traders, manufacturers to reduce prices of essential goods    SCZONE chief discusses strengthening maritime, logistics cooperation with Panama    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Egypt reviews health insurance funding mechanism to ensure long-term sustainability    Gaza on verge of famine as war escalates, ceasefire talks stall    Gaza crisis, trade on agenda as Trump hosts Starmer in Scotland    Egyptian president follows up on initiatives to counter extremist thought    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Egypt will keep pushing for Gaza peace, aid: PM    I won't trade my identity to please market: Douzi    Sisi calls for boosting oil & gas investment to ease import burden    EGX to close Thursday for July 23 Revolution holiday    Egypt welcomes 25-nation statement urging end to Gaza war    Sisi sends letter to Nigerian president affirming strategic ties    Egypt, Senegal sign pharma MoU to unify regulatory standards    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    58 days that exposed IMF's contradictions on Egypt    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Amending real estate appraisal comes in favour of state projects: source
Parliament's economic committee approves new Egyptian criteria for real estate appraisal
Published in Daily News Egypt on 13 - 06 - 2019

The parliamentary economic committee has approved a new amendment to the Investment Law on Monday.
The amendment, submitted by MP Mohamed Akkad and 60 other parliament members, stipulates the adoption of Egyptian criteria for real estate appraisal and the assignment of property or land valuation process to real estate appraisal experts accredited by the Financial Regulatory Authority (FRA). That is in the case of the establishment of investment projects.
A real estate source told Daily News Egypt that the new amendment will serve the state's interests in some areas that witness great demand, as the real estate appraisal is expected to increase the prices of the new areas in which the government operates, such as New Alamein, New Administrative Capital, and New Mansoura.
The expected hike in property valuation will come as a result to the recent and upcoming increase in fuel and construction material prices.
He noted that the new amendment would also increase the demand on areas that suffered low demand before as the prices of neighbouring areas will increase.
For example, if prices in Ain Sokhna increased, it will motivate customers to buy in other nearby areas, such as Ras Sedr. Moreover, the real estate prices in New Cairo are unreasonably high, so appraisers may devaluate its property prices to encourage sales movement in other areas.
Article 64 of the current investment law stipulates, "In application of the provisions of this Chapter, the sale price, rent, or consideration of usufruct shall be estimated by one of these entities: General Authority of Government Services, Supreme Committee for Pricing of State-Owned Lands at the Ministry of Agriculture, New Urban Communities Authority, Tourism Development Authority, and the Industrial Development Authority, based on the nature of the target activity."
Meanwhile, the new amendment stipulates that the appraisal agency is committed to adopting the Egyptian standards of real estate appraisal. This includes representatives of experienced members from the evaluation committees of real estate appraisers registered in the FRA. It also includes the completion of the appraisal within a period not exceeding 30 days from the date of submission of a request.


Clic here to read the story from its source.