Buy business in Egypt is a very interesting yet typical task. All of us know that Egypt has been considered the cradle of human civilization.
Since last three decades Egypt had been a chosen center of attraction for international tourists. However recently the revolution in Egypt made tourists to forget Egypt and seek some other spots of tourism attraction. However conditions have changed because now peace has come to this country.
Today Egypt is enjoying economical and political stability. Due to this reason again foreign nationals are thinking to get settled in Egypt.
All international property buyers feel interested in Egyptian properties
We have witnessed that buyers from Germany, Poland, Russia, Slovenia and Britain are feeling interested for buy business in Egypt. This place has a pleasant weather. Here you may enjoy marvelous sports and sail on well furnished ships of cruises on the waters of river Nile.
You can also enjoy scuba diving, a popular water sport in Egypt. Sharm el Sheikh, Hurgada and El Gouna are the most popular cities of Egypt. We have seen many foreigners engaged in doing buy business in Egypt.
If you are one among them then you can then you can invest your money in buying property in Egypt for pleasure purpose. In our opinion you can enjoy well by purchasing properties in Egyptian cities Luxor and Cairo.
Cairo is the capital of Egypt and is concerned with its political and financial affairs. It is among the most essential cities of Egypt. The Egyptian city named Luxor is another center attraction for offshore tourists and they can buy properties for leisure purposes here. Due to increasing prices of properties in Egypt people have realized that these Egyptian real estate properties have real market value.
What is the eligibility to buy real estate property in Egypt?
Yes even if you are a foreigner or an international tourist then also you can buy a real estate in Egypt. However you have to keep some restrictions into view.
You won’t be permitted to purchase real estate assets that are more than 4000 square meters in length and breadth. Moreover as an outsider you cannot be the owner of more than two properties in Egypt.
It is also a must for you or your members of family to live at all times in your bought Egyptian property. Your property buying process needs the approval of council of ministers and this task may take a time of two months to get completed.
What is the cost of real estate properties in Egypt?
Outside natives and foreigners who wish to buy real estates in Egypt get exemptions from inheritance tax and capital gains tax. However it is essential for a property buyer to pay purchase tax in Egypt. This tax is charged upto 2% on properties at homes in Egypt whose cost is more than $ 200,000. However no taxes are charged from foreign buyers if the price of estate property is less than $ 50,000. As a buyer if you want to get your property registered at Egypt then this will be done under Green Contract method and it may normally cost $1,000.
Under such kind of contract you will not be allowed to sell your property till expiry of 5 years. You can also register your property bought in Egypt with another method known as signature validation. In this method you will have to pay nearly $200. However this kind of method has less restriction.
Under this registration method you can give your property on lease for 99 years. Giving your property in Egypt on lease is a nice way to earn good fortune.
Details of buying business in Egypt
When you buy or purchase any real state property in Egypt then firstly you will have to consult with an experienced property dealing solicitor. Such a solicitor should have sufficient knowledge of Egyptian real estate market as well as current local news about property market.
It is also essential for your solicitor to have friendly relations with the local planning authorities. This would help you to do a lot of things at the time of doing registration of your property in Egypt. This country is still a developing nation. Thus you may find a lot of corruption in government authority offices.
You will have to handle this situation while buying and registration of real estate in Egypt. However if you hire a good and well experienced solicitor then he will take care of all formalities at the time of buying and registration of property in Egypt.
You will be instructed to get your property in Egypt reserved by paying a token price of 10%. You can pay the rest of the money within the next forthcoming 30 years. In this condition also you will have to sign a contract document of property of purchase. However in this condition you are suggested to pay the remaining 10% of property price at last. You should be very cautious about doing all paper work well to avoid any kind of fraud or mischief against you.
Some legal advices
The very first thing to know for buy business in Egypt is that you should choose some real estate agents in the country who have well knowledge about the real estate market of Egyptian properties. You should also keep a sharp watch through your local lawyer that the properties shown by your real estate agents are genuine and are not stuck in any kind of legal suite.
We are suggesting you this because any real estate property developer might play fraud by selling such property that is under legal dispute. If you have any kind of doubt then you can seek assurances from local authorities of Egypt. If you fail to do so then you may look for property in Egypt elsewhere. While signing any contract or legal documents check all terms of agreement then reach to some decision. This would help you to remain safe from the frauds that occur in the market of real estate properties.