Egypt seeks to issue title deed insurance policy to motivate foreigners to buy real estate
The Financial Regulatory Authority (FRA) intends to issue a title deed insurance policy document against risks soon, the FRA Chairman, Mohamed Farid, announced.
Farid affirmed, during a press conference held, Thursday, that this document will help motivate non-Egyptians to buy Egyptian real estate, because it will be an insurance policy against the risks of not proving ownership.
He explained that the document will guarantee to the foreign investor compensation for the value of the property that he purchased when any disputes related to the lack of proof of ownership and others arise.
The Chairman added that the authority is conducting a community dialogue to discuss how to finance the revitalization of real estate financing and to provide mutual insurance protection, between real estate financing parties through the creation of a new insurance product, including the title deed insurance document, which enhances transactions in real estate financing activity.