Have you heard the news? The Egyptian Cabinet has approved the land sales for companies and expatriates outside Egypt in United States Dollars! The decision came after the severe crunch of the liquidity in USD in Egypt which has made the government take such actions to provide more liquidity in the market.
Are you eager to know more about how this decision will impact the Egyptian economy and the real estate market? Let’s find this out in the following lines.
Land Sales To Foreign Companies Approved By Egypt
The Egyptian Government announced that foreign companies can now purchase lands in Egypt in USD. Why? To attract foreign investment and stimulate economic growth.
The decision allows companies from all over the world to purchase land in USD, which may increase demand for properties and boost property prices. Additionally, it could potentially strengthen the country’s foreign currency reserves and stabilize the exchange rate.
It’s worth noting that the statement did not specify which foreign companies are buying the land, or for how much but they announced the places that these lands are available at.
The lands available for sale for foreign companies in Egypt are located in the cities of:
- New Borg El-Arab
- New Cairo
- October Gardens
- New Damietta
- Madinet Badr
- New Sphinx
- New October
- 6th of October
- 10th of Ramadan
- New Sohag
- Sheikh Zayed City
- Obour
- Sadat
- New Aswan
- Shorouk
But what will be the uses for these lands in Egypt available for purchase by foreign companies? USD? Let’s move to the next section and find out.
What Are The Uses Of The Egyptian Lands Sold in USD?
These new lands sold to foreign companies in USD will have many uses for a variety of projects including administrative, commercial, and residential real estate projects.
Also, it will be used for constructing a range of industrial projects, sports clubs, a world-class hotel, and an auto repair shop.
These diverse projects will not only contribute to the overall economic development of the country but also open the doors to new job opportunities for Egyptians.
Do you plan on buying a new home for your family or looking for an investment opportunity? Don’t hesitate to contact Nawy through WhatsApp and one of our consultants will get in touch with you in no time
