For years, the Egyptian Government placed many restrictions on foreigners purchasing property in Egypt. But on Wednesday the 13th of May, 2023 a new era has begun when the Egyptian Prime Minister – Mostafa Madbouly – announced the new rules and regulations for foreigners’ home ownership in Egypt.
Foreigners purchasing property in Egypt
Under law no 230 of 1996, foreigners were only allowed to purchase two properties in Egypt. Also, these properties had to be less than 4,000 sqm in size, only be used as a place of residency (not as an investment), and be in two different cities. But many of these restrictions have been lifted.
During a press conference held in the New Administrative Capital, the Egyptian Prime Minister announced foreigners will be allowed to purchase an unlimited number of properties in the country.
He went on to add that the Egyptian Minister of Justice will work on setting laws that allow that to happen with regulations ensuring that property owners are able to pay with hard currency.
These decisions were taken in light of the government’s initiatives of attracting and improving investment opportunities in the country.
Now the real question rises, as a foreigner how can you purchase a property in Egypt?
How to purchase property in Egypt?
With the new regulations, purchasing property in Egypt for foreigners has never been easier. You can purchase a property directly from a previous owner, from a development company, or from a brokerage.
The exact details of which papers you will need to present to the government are yet to be announced, but as long as you can prove your financial position, the rest will be a piece of cake.
Best places to live in Egypt
Every corner in Egypt has its own charm but let’s take a look at Cairo’s top neighborhoods and give you some insider tips on where to live!
- If you enjoy the seclusion and quiet life yet you want to be close to endless facilities and entertainment venues, then 6th of October City is the perfect place for you. Bear in mind that the area is known for having captivating views of the Great Pyramids of Giza.
- On the other hand, if you want to be in the city’s hub, then New Cairo is better for you. New Cairo City is right in the heart of Cairo, giving you easy access to anywhere in the country. In addition to its convenient location, New Cairo is home to countless important landmarks and destinations.
- Whereas, for those who want to be in the heart of it all, with every important facility right around their corner, the New Administrative Capital is the place for them.
- Lastly, if you are looking for a summer house by the beach, then you can’t go wrong with the North Coast or Ain Sokhna. Both offer a tranquil living experience with the difference of which sea you will be facing.
Top compounds for foreigners purchasing property in Egypt
Living in a gated community has a lot of benefits, especially for foreigners. As it offers you the utmost privacy and safety. Additionally, it allows you to be in the heart of the city yet away from the hustle and bustle.
There are a wide array of high-end compounds perfect for foreigners purchasing property in Egypt, such as
- Badya Compound in 6th October
- Mountain View iCity New Cairo
- Zed West in 6 October
- Palm Hills New Cairo
- Il Bosco New Capital
- Palm Hills New Alamein in North Coast
- Il Monte Galala in Ain Sokhna
This is just the tip of the iceberg, visit Nawy now to compare between 500+ compounds and find the perfect property!
