Egypt Property - Frequently Asked Questions
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Egypt Property - Frequently Asked Questions
What economic and political situation will I find in Egypt?With an excellent location, between Africa, Europe and Asia, Egypt has been a meeting point for numerous cultures over the eras; therefore it is no surprise that 30% of the world’s monuments are located here. The pyramids and the Sphinx at Giza are the most internationally well known of course but also the tombs in the Valley of the Kings and the great temples of Karnak. From March to November, during the Egyptian summer, the climate is hot and dry in most of the country. For these reasons, as well as a very active ministry of tourism promoting the country, the tourism sector in Egypt is booming, with arrivals increasing from 2002 at 5.2 million arrivals up to over 9 million in 2006 with the turism slogan being “the gift of the sun”. Egypt receives annually around 25% of the tourism to Middle Eastern countries, many possibly choosing Egypt for the chance to see the last of the surviving 7 Wonders of the Ancient World, the Pyramid at Giza.
Due to preferential trade agreements and the competitive exchange rate, non-oil and gas investments which in 2003 represented a mere 20% of foreign direct investment represent closer to 70% today and are rising by more than 20% per year. The economy is growing at increasing rates, due to the climate, the pro-active incentives by the government to encourage foreign direct investment including favourable taxation, and the liberalization of trade and markets. With regards to the GDP Egypt has seen an increase from 3.1% GDP growth in 2003 to 6.9% in 2006, the highest since late 1980’s and an estimate of over 7% for 2007, never before seen in the country.
Politically, the country is stable, with President Mubarek having been in office since 1981. In early 2005, President Mubarak announced that there was to be a reform of the country’s presidential election law, making it easier for multi-candidate elections to be held later on in the year. Mubarak once again won an easy re-election victory. Egypt is a semi-presidential republic whereby the executive power is theoretically divided between the Prime Minister and the President however in actuality the President is “de facto” both head of state and head of government.
Are foreign nationals allowed to own property in Egypt?
Yes, while some restrictions do apply. For example, investors may own 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.
Additionally, the real estate owned 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.
Which is the best way to get to Egypt?
Due to Egypt’s location in between Asia, Africa and Europe, Egypt is very easily accessible and welcomes flights daily from almost every major destination.
Possibly considered the gateway to Egypt and the primary airport, the International Airport of Cairo welcomes flights from around the globe. In addition to numerous flights from within the Middle East, a variety of planes will land having departed from locations such as; London, Brussels, New York, Rome, Frankfurt, Milan, Vienna, Paris, Geneva and Moscow as well as flights originating in Norway and Amsterdam. Air carriers who operate these flights are British Airways, EgyptAir, Sudan Airways, Iberia Airways and others.
Another of the major Egyptian airports is the Luxor International Airport, which welcomes flights also on a daily basis from destinations including; London (Heathrow and Gatwick) Manchester, Birmingham, Newcastle, Munich, Frankfurt, Nuremberg, Barcelona, Paris and numerous other locations. Air carriers who operate these flights are Thomas Cook Airlines, Thomsonfly, Monarch Airlines, First Choice Airways, Air Berlin, and many others.
However potentially the most important airport for tourists and potential real estate investors travelling from the UK is the Airport of Hurghada which welcomes numerous daily flights from Leeds/Bradford, London, Manchester, Birmingham, Glasgow and Bristol. Flights from these locations are arranged by XL Airways, Thomsonfly, Thomas Cook Airlines, MyTravel Airways, British Airways and Astraeus.
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