Home Property in Egypt
How to buy a house in Egypt?
Here you will find the detailed information about real estate purchasing in Egypt:
- the right way to choose the property and to effect the deal;
- property taxes and duties that should be paid;
- everything about home loans in Egypt;
- home property management and renting;
- rental, commercial properties and related investment properties.
Real estate for sale
Most recent offers from house owners in Egypt and from real estate agencies. Advertisements with the fixed price and auctions are listed here.
You can leave a comment and give advice to other visitors planning to buy a home in Egypt.
Recently, real estate Egypt is in increasing demand among European citizens - people are interested and the residential segment , and commercial. Developers, for example, today is much better to build a tourist complex in Egypt than anywhere in the vicinity of Rome , thanks to the relatively low cost and rapidly developing tourism on the shores of the Red Sea and the Mediterranean .
Egypt, which like all
Among the countries that are most likely to interest the Russians in terms of equity investments in real estate, Egypt is by popularity seventh. Russian love Egypt and as a resting place - reasonable prices , excellent service , attractions and cultural values of the country played a role. Long-term leave and frequent trips to Egypt have led to the fact that the culture of the local population has become accustomed Russian residents . Therefore , in order to save costs on vacation, is widely practiced buying cottages or villas in the tourist areas .
Investment attractiveness and prospects
The situation in the real estate market of Egypt is not ideal . Low standard of living of the local population , the winter of 2011, which marked the revolutionary events in Cairo, Alexandria and other cities of the country , of course, give rise to instability in all spheres of the economy. But the current undervaluation of the local real estate can be used as an opportunity to profitably purchase a house in the country - the Egyptian price can overpower Russian family with an income slightly above average. This has already led to the fact that many citizens of Russia are buying apartments in Egypt - for rest and for life . It is especially popular with those who work for local companies or remote way of business owners on the Internet.
In the long run, when Egypt is stable from a political point of view, a country in local real estate investment will pay dividends . You should not ignore the high development of the tourism industry in the country . If during street demonstrations and suffered the influx of tourists , the tourism very soon began to recover . This means that the Egyptian real estate acquired for the purpose of renting , does not lose its investment appeal. Tenant - oriented tourist accommodation will bring a steady income at almost any time of year. If you believe the experts , this revenue is from eight to fifteen per cent of the property value . Lower revenue brings putting into long-term lease .
In Egypt, the volume of gross domestic product is much lower than in the Russian Federation. As a result, the cost of the local real estate , both residential and commercial, is much lower than the national .
Residential property prices start at $ 500 per square meter. If you have the desire and opportunity to purchase luxury real estate (houses and villas built to European standards and are in resort areas ) , the average cost would be 3,000 - $ 4,000 per square meter. This is the highest price .
You can find a house for himself in a small community with a sale price of not more than $ 10,000 and a luxury mansion in Alexandria worth 3,000,000 dollars. According to the analysis of cost indicators in the region , the buyer can get apartment in the city for the price of 40,000 to 150,000 , suburban villa - from 35 000 to 200 000 .
Features of purchasing real estate in different parts of the country
Foreign buyers can purchase in full or sole ownership of any kind of property without any restrictions on the African part of Egypt ( Hurghada is located here ) . However, in the Sinai of Egypt ( Sinai Peninsula - here are the Sharm el- Sheikh , Dahab ) can acquire immovable property only on long-term lease (99 years ) . However, this does not limit the owner - after buying it the right to make any kind of legitimate transactions : sell your property , make it inherit , lease and recorded. At the end of 99 years, the owner can renew the contract in court Sinai, which will extend the right to lease for another 99 years.
Foreigners who have bought property in Egypt worth less than $ 91,000 , do not pay property tax - and this is a strong argument in favor of the acquisition of holiday homes in the country. Real estate worth more than $ 91,000 is subject to an annual tax on real estate.
Of course, Egypt attracts foreigners wonderful climate - sea, sun, sand beaches . The acquisition is a holiday home - a useful and profitable business , especially for those few times a year is flying here on holiday , on vacation or unwind for a couple of days. A definite plus as well - low cost of living on their own square meters . Utility bills in Egypt, compared with Russia can be called symbolic.
The process of making a purchase
Before you commit to buying a property in Egypt , it is recommended to take into account the following factors :
the geographical position of the object,
development of infrastructure,
availability of communications ,
maximum proximity to roads .
Once you have selected your room , you need to contact the seller or his representative , or contact a real estate brokerage company. The best option would be , of course , to communicate directly with the seller, because the realtors at a successful transaction will charge you up to 10 % of its total value. If you speak English ( most entrepreneurs know the language of the country ), or Arabic , are familiar with the laws of Egypt , feel free to look for direct access to the seller. If it is impossible to independently protect themselves from the risks associated with the purchase, you can seek the assistance of an intermediary - in one of the many Egyptian real estate agencies.
It is desirable that all the time, what are you doing buying property , you are advised by experienced lawyer and translator .
The next step - it's a personal inspection of the property and negotiate with the seller. If the negotiations lead to a positive result , the parties sign a preliminary contract of sale . After the conclusion of this contract will complete due diligence and evaluation of the object. This procedure should be mandatory . You will know that the property is not owned by any third party or is not incorporated in the bank for a loan . Make sure that the examination was complete and accurate , make sure the seller has a presence in all the documents that grant him the right to sell the house . A full package of documents signed after the examination shall be certified and shall be registered in the public register of Egypt.
Do not forget to find out whether the seller of any tax debts . If the examination results were satisfactory , it is safe to make a deposit that is required in transactions of this type. After payment of the deposit both parties have signed the final contract of sale , be sure to contact your local certified by the notary.
The next and last step is registration of ownership to the new owner and the payment of the rest of the amount indicated in the act of sale.
Will there be a profit?
Country can become a profitable platform for investments of foreign investors in the future. Prerequisites for this are observed today - the desire to improve the transparency of real estate market , the increasing flow of tourists.
The constant demand for rental apartments in the country will not only eventually really cover all the costs of maintenance of the apartment , but also will make a profit .