Egypt is a very attractive place to live in. The properties there vary from small apartments to luxury homes. The government of Egypt has given rights to the foreigners to buy property in the country with some limitations. The vibrant towns, the cheap cost of living are just a few things that appeal to people across the world. People from different parts of the world today are showing interest to buy property in Egypt. But before you do it, there are some discreet things you need to know. Continue reading the narrative to know them all.
Buying property in Egypt is a big deal. First of all because if you are going for luxurious property simply it will have a huge cost. At this time, do not open any new accounts and get a lot of credit cards. This is because if you need a loan for buying property then too many credit cards, accounts and money kept in different accounts will invite obstruction and a long time to get you a loan. So, if you have a proper account the lenders will make sure that you are a liable person. This will help you to get a loan at a fast pace and you can easily buy property in Egypt.
If you are purchasing any property which I already built, for example, a house, do not buy it just because it is bigger than other houses in the block. Especially if you are buying it for investment purpose. The other houses in the block will have the same rate as the big one. Plus, the maintenance of the big house is tough. If you want to rent the house, you will find it harder to find tenants for the bog house. This is because no tenant would want to buy a house which is huge and needs tough maintenance. They will go for other smaller house instead.
Real Estate in Egypt is not permanent. It goes on going up and down in the value. If you spent too much time thinking about the best time to buy a house so that you can make the best deal, this method can work completely against you. This is because there are many buyers for the same property and if you are waiting for the others will grab a chance and you will miss getting the property you chose.
You should register yourself as a buyer even before you fix which property you are going to buy. This is helpful because your name will be registered in the records and you can use this registration at the time when you will actually buy a property in Egypt. The prominent example that comes with registration is that you will not get yourself in any fraudulent matters as you will have a written proof of your buying prospects. Secondly, once you buy the property then getting yourself registered becomes a longer process. This is because you have to register many things altogether like the details of your property etc.
There is a rule in Egypt that a foreigner cannot sell the property for at least five years. Even after five years get over, there are a lot of conditions that are to be fulfilled before a foreigner gets the right to sell his owned property in Egypt. Consider every nook and corner and read about all the rules and regulations if you buying purpose are purely selling for profits.
If you are purchasing a property in Egypt which is already built then it is very important for you as a buyer to trace the roots of its ownership. What happens in such cases is that the owner is not clear and many people could claim their share in the property. For example, someone could claim money for the luxury decoration in the built property along with the cost of the house. To stay away from these additional and hidden costs, do know about the ownership properly and then proceed to buy property in Egypt.
Do not settle for a mediocre lawyer when you are buying property in Egypt. This is because the process to buy property in Egypt is a little complicated. The registration and other legal formalities involve many steps and processes. Therefore, get yourself a lawyer who can help you do all this in a proper manner and at a fast pace. Fees of such lawyers are little high but who would settle for risky and improper property papers by settling for a cheap lawyer? So keep the aforementioned thing in mind.
This is one of the most important things to consider for foreigners when they buy property in Egypt. One needs to understand the contract properly and so along with the ‘Arabic’ language contract (which is for Egypt) one should have the contract in their own language. In any legal disputes, the Arabic contract will be considered. Moreover, when you get a contract in your desired language as well, make sure that it is the same from the first letter to the last. For this you can hire a legal staff you can compare both contracts and ensure that the exact same things are written in both of the contract papers.
If you are constructing a property in Egypt, make sure that you are not making any mistake while paying. Have a plan in which the payment is made after each step of construction. Doing a huge payment at once is a foolish option and can land you in the unwanted situations. A plan will help you to track your payment and also to track your construction process. Also, try to get your payments done through cheques and not through cash in an online mode. Cheques are the safe options and also cross-examines the disputable situations.