{"id":602055,"date":"2019-03-18T04:04:29","date_gmt":"2019-03-18T04:04:29","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/18\/prototype-of-digital-system-ready-to-appraise-egypts-real-estate-assets-ready\/"},"modified":"2019-03-18T04:04:29","modified_gmt":"2019-03-18T04:04:29","slug":"prototype-of-digital-system-ready-to-appraise-egypts-real-estate-assets-ready","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/18\/prototype-of-digital-system-ready-to-appraise-egypts-real-estate-assets-ready\/","title":{"rendered":"Prototype of digital system ready to appraise Egypt\u2019s real estate assets ready"},"content":{"rendered":"

<\/a> EXCLUSIVE- Prototype of real estate appraisal system ready, process to wrap up in a year: <\/b>Ain Shams University has completed a prototype of the digital system it will use to appraise Egyptian real estate, engineering professor and head of the real estate appraisal program Mohamed Salheen tells Enterprise. A model database of property prices should be ready and presented to Cabinet within a year, according to Salheen. The survey will be conducted using up-to-date methodologies and with the help of geographic coordinate systems to arrive at location-based values. The system is part of the proposed amendments<\/a><\/u> to the Real Estate Tax Act, which are largely aimed at reducing real estate tax discrepancies.<\/p>\n

Tax appraisal to take into account property age, proximity to public services:<\/b> Each 10 years in the life of a property will qualify it for a 10% reduction in taxes, up to a maximum of 50%. The property\u2019s accessibility and proximity to public services and facilities will also be taken into account, Salheen added.<\/p>\n

FinMin to revisit sector-specific agreements once appraisal wraps up: <\/b>Once the appraisal process is complete, the Finance Ministry will review agreements it had reached back in September<\/a><\/u> and in August<\/a><\/u> with the oil and tourism ministries for the tax treatment of properties in oil, gas, mining and tourism sectors. The agreements had originally proposed that taxes on properties in these industries be determined using investment \/ development costs as bases. The revision will ensure a consistent method, based on asset replacement costs<\/a><\/u>, is used across all sectors. The ministry will also find a legal solution for the tax treatment of industrial land that is either idle or used by factories as storage facilities.<\/p>\n","protected":false},"excerpt":{"rendered":"

EXCLUSIVE- Prototype of real estate appraisal system ready, process to wrap up in a year: Ain Shams University has completed a prototype of the digital system it will use to appraise Egyptian real estate, engineering professor and head of the real estate appraisal program Mohamed Salheen tells Enterprise. A model database of property prices should […]<\/p>\n","protected":false},"author":1,"featured_media":602056,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,276,1318,11406,83,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-602055","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-finance-ministry","tag-fiscal-policy","tag-geographic-coordinate-systems","tag-real-estate","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"cb5eae8b-2280-46b3-9ceb-7c3d2a06344a","is_powered_by":true,"section_story_id":"16aa5fbe-72cc-4967-8c85-326cc392dec6","story_type":"1","photo_url":"https:\/\/ent.news\/2021\/7\/415.jpg","photo_position":"above","related_issue":[602047],"teaser":"","voice_url":""},"yoast_head":"\nPrototype of digital system ready to appraise Egypt\u2019s real estate assets ready - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/18\/prototype-of-digital-system-ready-to-appraise-egypts-real-estate-assets-ready\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Prototype of digital system ready to appraise Egypt\u2019s real estate assets ready\" \/>\n<meta property=\"og:description\" content=\"EXCLUSIVE- Prototype of real estate appraisal system ready, process to wrap up in a year: Ain Shams University has completed a prototype of the digital system it will use to appraise Egyptian real estate, engineering professor and head of the real estate appraisal program Mohamed Salheen tells Enterprise. A model database of property prices should […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/18\/prototype-of-digital-system-ready-to-appraise-egypts-real-estate-assets-ready\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-18T04:04:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/7\/415.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/18\/prototype-of-digital-system-ready-to-appraise-egypts-real-estate-assets-ready\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/18\/prototype-of-digital-system-ready-to-appraise-egypts-real-estate-assets-ready\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Prototype of digital system ready to appraise Egypt\u2019s real estate assets ready\",\"datePublished\":\"2019-03-18T04:04:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/18\/prototype-of-digital-system-ready-to-appraise-egypts-real-estate-assets-ready\/\"},\"wordCount\":289,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/18\/prototype-of-digital-system-ready-to-appraise-egypts-real-estate-assets-ready\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/7\/415.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"Finance Ministry\",\"fiscal policy\",\"geographic coordinate systems\",\"real estate\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/18\/prototype-of-digital-system-ready-to-appraise-egypts-real-estate-assets-ready\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/18\/prototype-of-digital-system-ready-to-appraise-egypts-real-estate-assets-ready\/\",\"name\":\"Prototype of digital system ready to appraise Egypt\u2019s real estate assets ready - 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The results of the appraisal will be valid for five years, and will be\u2026","rel":"","context":"In "Real estate"","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":605231,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/26\/finmin-looking-to-replace-real-estate-tax-act-with-new-legislation-streamlining-appraisal-process\/","url_meta":{"origin":602055,"position":1},"title":"FinMin looking to replace Real Estate Tax Act with new legislation streamlining appraisal process","author":"enterpriseam admin","date":"26 December 2018","format":false,"excerpt":"EXCLUSIVE- Proposed amendments to real estate tax could be a \u2018temporary measure\u2019 ahead of full re-write of bill: A bill now before the House of Representatives packed with piecemeal amendments to the nation\u2019s real estate tax could ultimately be just a stop-gap measure as the Finance Ministry mulls drafting a\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":600799,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/11\/finmin-denies-plans-to-repeal-real-estate-tax-exemption-for-private-homes-in-egypt\/","url_meta":{"origin":602055,"position":2},"title":"FinMin denies plans to repeal real estate tax exemption for private homes in Egypt","author":"enterpriseam admin","date":"11 February 2019","format":false,"excerpt":"FinMin denies it has plans to repeal real estate tax exemption for private homes: The Finance Ministry issued a statement yesterday denying our report that it is mulling scrapping an exemption on real estate taxes for private homes worth less than EGP 2 mn under a new Real Estate Tax\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":559326,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/18\/hey-there-informal-economy-wink-wink\/","url_meta":{"origin":602055,"position":3},"title":"Hey there, informal economy (wink, wink)","author":"enterpriseam admin","date":"18 January 2021","format":false,"excerpt":"The Finance Ministry\u2019s digitalization drive shows exactly zero signs of slowing down. Up next: a pilot program kicking off in 2Q2021 for a digital inventory of real estate now that the government\u2019s drive to bring online registry offices nationwide seems to be wrapping up. The program, which is yet to\u2026","rel":"","context":"In "DIGITIZATION WATCH"","block_context":{"text":"DIGITIZATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/digitization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/1\/205.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598917,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/12\/cabinet-rolls-out-amendments-to-executive-regs-on-real-estate-funds\/","url_meta":{"origin":602055,"position":4},"title":"Cabinet rolls out amendments to executive regs on real estate funds","author":"enterpriseam admin","date":"12 June 2019","format":false,"excerpt":"REGULATION WATCH- Cabinet amends Capital Markets Act regs on real estate funds: Prime Minister Moustafa Madbouly has issued a decree amending the executive regulations of the Capital Markets Act governing real estate funds, Financial Regulatory Authority (FRA) boss Mohamed Omran said in a statement (pdf). 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