Hello everybody! Welcome to your complete guide for buying property in Egypt. Today many foreign nationals are feeling interested in buying real estate assets in Egypt. Yes of course foreigners can buy real estate homes in Egypt under law No 230 that got activated in year 1996. However there is a rule that citizen from foreign destinations cannot buy more than two assets in Egypt. Moreover they should by assets for their family members to live and not from any other purpose. When one buys an asset or home here then they should take the approval of local council of ministers. This legal procedure may take a time duration upto 60 days.
How to get your property registered in Egypt?
If you get your real estate home registered in Egypt then it cannot be sold to any other buyer at least for next two years. The purchase money should be brought here in Egypt through foreign exchange. The buyers of real estate property can do this task at any public or commercial banks. Finally after a time period of 5 years the property might be rented and furnished. If any foreign national marries an Egyptian man or woman then he can buy real estate asset here in their name. Finally they can let property left as unfurnished like locals do to get exemptions from paying local tax. In current situation the total registration fee of property in Egypt is nearly EGP2000 or US$345. This is regardless of buying the property. The entire procedure might take a long time span.
Can property in Sharm EL Sheikh get registered?
If you buy a real estate property in Sharm EL Sheikh then you can have it without having registered under real estate laws. This exemption came in 1996 under property act in Sharm el Sheikh. Thus foreign property buyers here can enjoy freehold powers however this is only for 100 years. Buyers coming to Egypt to buy real estate have to follow a procedure named “signature validity court verdict”. They have to follow many steps in this procedure. In Sharm an expert doing this procedure is Zeiad Yehia. He gives free counseling about global property dealers. The method of “signature validity court verdict” has become a dominant rule to foreign buyers of real estate assets in Egypt. It enables property buyers from outside and they can even rent these assets whenever they like.
Steps in buying an Egyptian property
The following kind of steps should be taken:-
The two methods named “signature validity” and registration have their own merits and demerits.
The merits of doing registration
By doing registration you will get sufficient and full protection. This is the best recognized method in the law of Egypt to transfer the power of property ownership.
The demerits of doing registration
You will not have the permission to resell your real estate asset in Egypt till you complete a period of 5 years. After 5 years also you will require a written permission from the Prime Minister.
Which way to property ownership is most suitable?
The best method to attain an Egyptian property is “signature validity court verdict” method. This is a practical solution to do property transactions in various cities of Egypt. With this method you can also resell your property whenever required. Here you won’t need any kind of approval.
Disadvantages of signature validity court verdict method
This method is weaker form of registering property in Egypt. The property buyers from foreign destinations will need the services of a real estate lawyer in Egypt. Another reason is that people in Egypt do not have any interest in registering their properties and real estate assets. This is due to high fees to register properties. In many cases property sellers here do not make registration of their sold properties. They think that if they have an outstanding debt then they won’t be able to make registration of their sold property in such a condition. These sellers also fear that their creditor would make claim or right on their property.
What is the expenditure of buying an Egyptian property?