Buying property in Egypt is a straightforward affair provided you employ a lawyer to sort out an otherwise complex system of property registration.
Foreign purchasers have the right to own real estate and land in Egypt. Today the government recognizes the great value foreign investors in property have for the success of the economy and have set about actively encouraging overseas buyers to Egypt. New laws have been established to make the Egyptian property purchase procedure more secure. For example, the government can no longer impound or nationalize any property they wish – a practice that stood for centuries. These changes, along with a few others, are increasing confidence amongst overseas buyers.
1. Make your choice! You will have to choose a property first and here you can use the help of our overseas consultants. Our agents will be glad to help you with your choice as well as to give you professional advice.
2. Make a reservation! Once you decide on a property, you will need to pay a reservation deposit to take the property off the market while contracts are drawn up.
3. Find a lawyer! Lawyers in Egypt will normally speak English and will be able to produce your necessary paperwork in Arabic, as required by all the authorities. Egypt has many complex real estate registration issues so it is critical to have a lawyer conduct the appropriate searches and provide you with legal advice regarding the purchase.
Local lawyers will also help you through the best way to conduct business with the local people who have their own particular idiosyncrasies and customs which are important to be aware of.
4. Take care of all Fees and Taxes! There are some taxes that you will have to pay around a property purchase in Egypt. They are as follows:
- Property registration and legal fees for conveyance total around 6%.
- Stamp Duty on property is payable by the buyer at 3%. The buyer will also pay a small inspection and measurement fee (approx. 65 euros).
- Tax on any form of income from property runs at 20 to 22% and is basically the alternative to Value Added Tax. Many countries enjoy a double taxation treaty with Egypt.
- Egypt levies no inheritance or capital gains taxes.
5. Property Registration. Most Egyptian properties are not registered, even though registration is an essential pre-requisite to a purchase. Therefore the lawyer’s assistance in liaising with the Real Estate Registration Office in Egypt is essential in order to ensure the property is duly registered and prepared for foreign purchase. Registration can take up to four months. After inspections and payment of taxes/fees, you will finally obtain a new title from the Registry.
An excellent choice for anyone wanting to live right in the heart of Hurghada, with all of the town’s facilities right on your doorstep, and all at very affordable prices.Red Sea Pharaoh is a small, intimate development that will appeal to anyone looking for a friendly and personal touch – more like a club than a vast and faceless resort.
Hurghada Dreams is a brand new gated development of hotel-style apartments (one & two bedrooms), commercial units and extensive facilities. The project is located centrally in Hurghada in a strategic location between downtown and newtown.This project presents a unique opportunity to invest in Egypt’s rapidly emerging property market.
Water House is a totally unique project to Hurghada that is designed by Europeans, for Europeans. It gives buyers the very best of both worlds – all of the comforts of a world class resort including its own private beach, beautiful landscaped gardens and three enormous swimming pools.