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Egypt Property Guide - Real Estate.
Any foreign investor has the right to buy property in Egypt.The real estate market in Egypt is an emerging one and there is a big chance for the property investor to see great return on investment in the years to come.
The market is flourishing at the moment and it had been like that for the past few years with capital growth exceeding 100 per cent in some areas such as the Red Sea Riviera.
Red Sea Property are the most popular among the property investors.
In Cairo, an apartment can be bought for as little as 50,000 $ but can go as high as 500,000 $ or more.
Ian Marsh of Think-Egypt commented: "You can buy an eco lodge on the Red Sea of 1,000 square feet furnished for around £30,000 or a golfing two bedroom apartment of around 1,500 square foot on the Red Sea near Hurghada will cost £120,000. In Sharm El Shiekh, apartments will cost from £50,000 upwards whilst a villa in the Four Seasons resort would be £750,000".
In Cairo, one should expect to pay a minimum monthly rent of $2,500 for a flat and $4,000 for a villa..
In order to buy a property in Egypt it is highly advisable to employ a real estate specialized lawyer.
Your lawyer is responsible for researching the title of the property registering it in your name and acquiring the deeds to the real estate, and generally assisting that the transaction is conducted legally.
Also it will be wise to hire a well known or recommended real estate agent.
Besides the fact that they will do the research for you, they will be able to negotiate the property's selling price.
The property registry in Egypt is out of date,but the majority of real estate investment interest is focused on the main cities and resort areas and the government is committed to attracting investors in these areas.
The property should be checked against any loans, debts and disputes, correct signatures and all relevant power of attorneys from the seller should be verified by the lawyer.
Once a property has been decided upon, a deposit can be paid in order to take the property off the market.
Property registration fee is 3% of the purchasing price.
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