All about buying property in Egypt: a detailed guide

Egypt has long attracted foreigners with its opportunities to purchase real estate. Affordable prices and the possibility of year-round recreation make this country especially attractive for investors and future home owners. Let's take a closer look at how the process of buying real estate in Egypt goes and what you need to pay attention to.

Basic forms of ownership

There are various forms of real estate ownership in Egypt, depending on the region.:

1. The Sinai Peninsula (Sharm el-Sheikh, etc.):

A lease is the right to sell, lease, donate, and inherit. There are no restrictions on the number of objects.
A usufruct is a form of lease for 99 years or until the tenant's death. It differs from a lease in that you cannot change an object. After the end of the term, the property is returned to the seller.

2. The African part (Hurghada, etc.):

Freehold is a full ownership right. The owner can dispose of the property at his discretion.

Real estate search

Both individuals and official agencies operate in the Egyptian real estate market.:

Individuals: their services are not regulated by the government, so it is important to check their reputation and sign an agreement with an independent lawyer to verify the purity of the transaction.
Official agencies: their activities are regulated, they have registration documents and offices. It is important to check the reputation of the agency and the availability of registration documents before starting cooperation.

Emco Real Estate values its reputation, which is why our clients trust us to buy, sell, and manage real estate. More information about us and the guarantees we provide can be found on our website.

Step-by-step purchase procedure

1. Choosing and booking an object: after choosing a property, a deposit is made (from $ 1 thousand to 10% of the cost) and a preliminary agreement is signed.

2. Legal review: the lawyer checks the documents for the purity of the transaction. For new buildings, this is a certificate of ownership of land and a construction license, for secondary housing — all previous certificates of ownership.

3. Signing of the main agreement: The agreement is signed in Arabic and the buyer's language. It specifies all the details of the transaction, including the cost, payment terms and responsibilities of the parties.

4. Payment: money is transferred to the account of the agency or seller. Installment payment is possible, usually when buying new buildings.

5. Registration of property: a taukil is issued — an irrevocable power of attorney for ownership, which is notarized. The procedure takes about three hours, but may take longer if the seller or developer is abroad.

You can also see the stages of our company's work here.

Additional expenses

When buying a property in Egypt, you need to consider additional costs.:

Transfer of ownership tax: 2.5% of the value of the property. The seller pays it.
Registration fee: depends on the area of the property

up to 100 sq. m. m – 500 Egyptian pounds ($10);
from 100 to 200 sq. m. m – 1 thousand Egyptian pounds ($20);
from 200 to 300 sq. m. m – 1.5 thousand Egyptian pounds ($30);
300 sq. m. m – 2 thousand Egyptian pounds ($40.5);
more than 300 sq. m. m – 3.9 thousand Egyptian pounds ($80).
Legal services: the services of an independent lawyer account for 2-3% of the value of the property. If you are buying an apartment through our agency, legal support will be free for you.

Agency commission: usually included in the price of the property, but it is better to specify its amount in advance.

Remote purchase

Many transactions take place remotely. To do this, you need to sign an agreement with the agency and transfer money to its official banking details. To register a transaction in court or obtain a Green Contract, you will need a power of attorney from a lawyer.

Египет предлагает множество возможностей для покупки недвижимости, будь то для личного проживания или инвестиций. Важно тщательно изучить все аспекты и условия сделки, чтобы сделать правильный выбор.

Other interesting articles in our blog:
Top 7 stores in Hurghada
Hurghada Districts
Why Hurghada is a Paradise for Living and Leisure
All about buying property in Egypt: a detailed guide
Apartment in a Residential Complex or a Regular House?
Taukil
All about the Green Contract
What is important to know when buying, selling or renting real estate in Hurghada
History of the city of Hurghada