F.A.Q.
Herein below, you will find some general questions and their answers, if you need further information; please do not hesitate to contact us either by email or telephone.
Can foreign nationals own property in Egypt?
Yes, foreigners are able to both buy and sell lands and properties in Egypt.
Do I need to open an account in an Egyptian bank to buy property in Egypt?
No, you don't need to have bank account in Egypt in order to buy property but, it might be useful at a later stage, If you wish to rent out your property, then the renter can pay the rent directly into your bank account, there are many different banks in Egypt and its easy steps to open your bank account in Egypt.
Is it be possible to rent out my property?
Yes almost definitely, and we can help you out to set a rental property and in some cases we can also help you in renting out your property.
Can I resell my property before its completion?
Yes, it is possible, however we recommend you to wait until it is completed, in order to maximize your return.
Can I get home insurance on my property in Egypt ?
Yes, there are several recognized insurance companies operating in Egypt, and we will be glad to get you in direct contact with any of them.
How long time do I need to own the property?
you will be the owner of the property in a short time, when you pay the property's price fully and sign the final sale contract with the owner, provided that the ownership documents are legally valid, in order to start the transferring of ownership rights from the seller name to your name.
How long time I need to register my property?
The time varies from case to case, in general you can say that Registration Procedures takes Approximately between 7 - 12 months, in case that, you bought property entirely built and paid the price in cash, provided that the ownership papers are legally valid .With a remark that you will need to sign various papers at the legalization office, such as : a power of attorney for your lawyer, in order to proceed in your behalf, but if the property is still under construction, or it been bought by installments, it shall take longer.
What are the usual payment terms to buy a property in Egypt?
The payment terms varies from property to property because that depends on the needed time or the specified time for the property completion, and the finishing works and how long it takes to be entirely finished and delivered to the buyers. For unfinished apartments, the buyer usually pays around 40% in advance and the rest of the price upon payments till delivery.
Do I should pay taxes on the property ?
Till June 2008; purchaser was not obligated to pay any taxes for the purchase process or for property after purchasing or when registration.
But since June 2008; the new real estate tax law No 196 for the year 2008; has fixed an annual tax over the property with a rate of 10 % from the annual rental value of the property ( per year ) minus 30% due to the annual costs for the property ( repairing costs , maintenance , Etc)
Any way, if the market value of your property is less than 500,000 LE, you should not be binding to pay any annual tax for your property according to the new tax law.
Do I need a resident visa to purchase a property in Egypt?
No, you don’t need a visa to purchase a property in Egypt, but you do need a tourist visa at least, in order to perform legal actions for your property in Egypt, or to do the registration proceedings. With a remark that, it's better to have a resident visa in Egypt, if you decide to live for long terms, per example, more than three months a once, but notice that this visa does not entitle you to work in Egypt. However, our lawyers will be ready to assist you in when needed.
Useful Links in Egypt:
Egypt's Goverment Services Portal
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