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Buying Property in Egypt

Property in Egypt

A guide aimed at overses property investors considering buying property in Egypt  

In recent years the government of Egypt has encouraged foreign purchase and ownership of property. For this reason, and the fact that the population of Egypt continues to rise by over 1 million people per year, there is a great demand for housing and it has become a good investment. The buying process is, however, a tricky one so it is vital to understand it and know exactly what you are doing.

For foreigners who purchase property in Egypt, there are several restrictions. Foreigners are restricted to owning two pieces of property, and each piece can not be over 4000 square meters. Also, there are restrictions on renting property by foreigners. The way many international owners get around this is to use a family member or spouse to purchase the property, then rent it out.

For existing property, the registration process is cumbersome and not regularly followed. It is estimated that as few as 10% of all privately owned property is actually registered with the government. This makes the due diligence process extremely important.

Even when buying off plan, due diligence is a good idea. It wasn’t that long ago that the government was the only legal builder for housing. Since they have opened up the construction market, there have been more than a few companies flooding in to fill the need. Not all of them follow modern codes, so it is a good idea to check out the development and builder ahead of time. An IDIP, or International Developer Information Pack, is a great resource.

Negotiation of price is standard, so make sure you have the best price before entering into a purchase agreement. Many of the properties sold in Egypt are off plan, which have a set price. You can’t change the price, but you can often get extras with a little negotiation.

Once you have a price, pay a holding deposit and draft a bilingual sale and purchase agreement. Again, having expert advice through a solicitor or lawyer is key. Because of the registration process and laws, you have to make sure the agreement spells out everything. Then, perform all the due diligence possible. This will include checking registration, seeing if there are any pledges or mortgages registered to the property and ensuring that all taxes are paid. Once the property is sold, any taxes become the new owner’s responsibility.

After due diligence is completed, then the purchase agreement is executed with payment of funds and the property legally becomes the buyer’s. Even if not registered, the buyer is now responsible for it.

Now comes the registration process, which is detailed and cumbersome in Egypt. A lawyer is really the only way to take care of this, and it can be done in two ways. One is registering through a notary and the Real Estate Department, while the other is to go to court and obtain a judgment confirming validity of the sale. Either way, this process can take a while so be prepared to wait, even though you are the legal owner of the property.