Buying property in Egypt

 


Property for sale in Egypt


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A guide to buying property in Egypt

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. This is more in evidence on the Red Sea Coast with many new foreign developers coming on board. New laws have been established to make the Egyptian property purchase procedure more secure. There have been many changes to the buying process over the years and these have increased confidence amongst foreign investors. Egypt still offers some of the best value property per square foot compared to any other country in direct competition with like for like properties. Below we have listed the key elements of any property purchase within Egypt, our over all recommendation is that Egypt is a safe and secure place to buy property and one that will offer great returns if a long term view is taken with the investment.

Legal

When you decide to buy a property in Egypt you pay a deposit which then reserves the property for you and removes it from sale until all the contracts are in place. Then you will need to appoint a Lawyer to help with contracts.
Lawyers in Egypt will normally speak English, it is best to do your research before you enter into a property sale and see if one comes more recommended than others. The Lawyers will be fluent in English and Arabic and will be able to produce your necessary paperwork in Arabic; this is required by all the authorities and various government departments. 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 perceptions and customs which are important to be aware of. Although it is recommended by all to do some research, you are buying in a foreign country so always check and check again.

Financial

Currently there are no mortgage facilities available to foreigners in Egypt, though this situation is due to change in the near future with a new mortgage law in Egypt, this will probably be based on the existing foreign mortgage framework of a higher than average deposit with a term time from 15-20 years. Although a lot of developers are now offering new and varied ways of overcoming issues of payment plans, some of these can be simply by done agreeing with the developer a monthly payment plan.

Do remember that prices are still very cheap with apartments starting at around the £15k mark which makes the need for a mortgage less of an issue as opposed to countries like Spain and Portugal.

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 £45).

Rental income can be taxable and the rates are around the 20% figure, do get advice on tax payable by you in the UK.

For British Investors Taper tax relief rules can apply on any investment you make a profit from but the properties cannot be sold for at least 5 years. Once again we recommend you get professional tax advice before making any purchases overseas.

There is no inheritance tax or capital gains tax in Egypt.

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Buying property in Egypt