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EGYPT | Essential Guide | Buying Property in Egypt

Buying Property in Egypt | Essential Guide | Egypt

Ten Good Reasons To Buy Property In Egypt

1. The cost of living is low
2. The sun shines all year round
3. The red Sea is one of the best places in the world for diving
4. Egypt is full of history, antiquities and things to see and do
5. Hurghada has eight 18-hole golf courses
6. Nearby Sharm el Sheikh is the world's 4th most popular tourist destination
7. Rental demand should always be high
8. Hurghada has its own international airport so getting there is easy
9. It is just 5 hours flight from the UK
10. It offers value for money – properties are available from £40,000

A Few Things You Need To Know About Buying A Property In Egypt

What are the potential problems of buying a property in Egypt?

The property registry in Egypt is out-of-date and incomplete, and many believe that only 10% of property for sale in Egypt is actually registered. Naturally, this can create a problem for the property investor. However, resort areas such as Hurghada and Sharim-el-Sheikh are far more geared up to the international property market. Furthermore, the Egyptian government's commitment to attracting foreign investment into the real estate sector means the path is being eased for investors all the time.

However, those considering investing in property in Egypt would be wise to do so through an established or reputable estate agent.

Will I need a local lawyer?

In a country where real estate registration issues are as complex as Egypt, it really is critical to have a lawyer conduct searches and to advise on the legality of the purchase. Even if you are buying a brand new property from a well-established developer it is wise to take advice from an independent lawyer.

Will I be able to get a mortgage in Egypt?

Local mortgages are almost impossible to obtain so you will need to fund the purchase yourself or via a UK mortgage company.