Buying Property in Egypt
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Buying Property in Egypt
When considering purchasing property overseas, it is important to follow several steps to protect your interests. Every country and region has specific legislations and investment regulations therefore it is imperative that you are armed with the knowledge and research into the country which can be invaluable when deciding what and where to purchase. Whereas this guide is intended to give you an overview, we always recommend retaining appropriate legal representation whenever purchasing property overseas.
While foreign investors may not purchase agricultural land, there are some limitations on how much desert land foreign investors can purchase and the requirements to do so, generally that 51% of the capital is owned by Egyptians and that upon dissolution of the company, the land reverts back to Egyptians.
With regards to real estate, investors are allowed to purchase up to two real estate properties for accommodation purposes throughout Egypt in addition to real estate needed to carry out activities authorised by the Egyptian government. The real estate purchased cannot be a historical site and cannot exceed four thousand square metres. This real estate can only be sold five years after registration of ownership unless special permission is granted.
USING AN AGENT
A reputable agent will have researched the local market to know where the prime locations for investment are. A good agent will have done extensive research to certify that the developer has planning permission, that they own the land they are building on, are a solvent company and that everything is in place to protect the interests of investors. They can also inform you of facilities and infrastructure available in the area, such as schools, shops, etc. Using an agent will save you time and money while protecting your interests.
MAKING AN OFFER
Once you have decided on which property you would like to purchase, a contract is prepared which will contain all of the details regarding the property and the transaction, specifying purchase details and the responsibilities and rights of the investor and the developer responsible for building the project. It is customary to pay a deposit of 20%-40% when signing this contract.
RETAINING LEGAL REPRESENTATION
The purchasing procedure varies from country to country and it is highly recommended that you retain independent legal representation to protect your interests and inform you of your rights and responsibilities regarding the property purchase. Your legal representative should run the following checks on your behalf:
- Do the current owners have the correct title to the property
- Are there any charges and liabilities owed on the property
- Is the contract legally binding and what are obligations for both parties
- Will the property be registered in your name
- What are the applicable costs and taxes of investing in real estate in Egypt
PROPERTY REGISTRATION
The sale contract is registered as a deed and provides proof of ownership of your property. This process is done at the notary office. While previously the registration of properties was set at 3% of the purchase price, new legislation has determined that the fees for registration be a fixed amount no greater than E£ 2000 (aprox. £ 175 sterling) regardless of the purchase price.
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