Egypt, with its majestic monuments, profound cultural history, and welcoming people, draws in many foreigners looking for real estate investment opportunities. Purchasing real estate in Egypt offers a lucrative opportunity for many foreigners looking to invest or settle in the country. The Egyptian government has set several conditions to facilitate the process of buying properties for foreigners, aiming to attract foreign investments and stimulate economic growth. Which lead to the importance of getting Property purchases legal advice for foreigners in Egypt provided by professional lawyers, aiming to understanding the complexities of buying property in Egypt for foreigners seeking to buy and invest at Egyptian property.
Advantages of investing in Egypt
Many foreign citizens aim to enter the real estate market in Egypt with the aim of owning a property in Egypt or to invest in the Egyptian real estate market, due to several advantages and benefits accruing to the buyer, which are:
- The growth of real estate prices in Egypt by more than 40% annually.
- Profits from renting real estate in Egypt amount to 20% of the total property value.
- The inexpensive cost of living in Egypt in comparison to other nations is what attracts many foreigners to
- permanent residency in Egypt.
- Investing in real estate is one of the best ways to preserve and increase the value of money without any losses.
- The climate in Egypt is considered moderate and nice throughout the year.
Can a foreigner purchase and own a property in Egypt?
Foreigners can indeed purchase property in Egypt, and enter into full ownership in most cities of Egypt, but with certain limitations.
According to Egyptian law, there are no restrictions on the purchase or long-term rental of real estate by citizens of other countries. The local government is interested in attracting foreign investment and is doing everything to support such initiatives.
Conditions for Foreign Ownership of Real Estate in Egypt
The Egyptian government has been keen to set controls that allow foreigners to own real estate and lands inside Egypt whether developed or undeveloped land, as in the Law No. 230 of 1996 on the requirements of Foreign Ownership in Egypt are as follows:
- Ownership shall be limited to a maximum of two properties throughout the Republic, for the exclusive use of the owner and their family as a private residence, without prejudice to the right to own real estate necessary for the conduct of a licensed private activity authorized by the competent Egyptian authorities.
- The area of each property shall not exceed 4,000 square meters.
- The property shall not be classified as an antiquity to the provisions of the Antiquities Protection Law.
- A foreign national who acquired ownership of vacant land shall commence construction thereon within a period not exceeding five years from the date of transfer of ownership.
The Prime Minister may grant exemptions from conditions (1) and (2) in cases as may be deemed appropriate. The Council of Ministers may establish specific conditions and regulations for property ownership in designated tourist areas and urban communities.
Do you need a lawyer to Property purchases legal advice for foreigners in Egypt?
When purchasing a property in Egypt, engaging a professional lawyer who provide a property purchase legal advice for foreigners in Egypt can be essential to navigate the legal requirements and ensure a successful transaction.
One crucial document they can assist with is the Sale Contract, a legally binding contract between the buyer and seller that outlines the terms and conditions of the sale.
The Egyptian lawyer at “Consortio Law Firm” can help with conducting a Property Title Search to verify the property’s ownership status and identify any potential legal issues or encumbrances.
Moreover, they can guide you through the process of obtaining necessary permits and approvals, such as approval from the local municipality or relevant authorities.
Consortio Law Firm’s team also will ensure that all applicable taxes and fees, such as the Property Transfer Tax and Notary Fees, are paid correctly and in compliance with Egyptian laws and regulations.
For information about property purchase legal advice for foreigners in Egypt, get in touch immediately with our professional lawyers through the phone number 002 01028806061 or send us a WhatsApp or email Info@consortiolawfirm.com.
