Real estate in new buildings from developers of Egypt
Egypt. Hot real estate deals
Real estate in Egypt
Location, climate, and economy
Egypt (officially the Arab Republic of Egypt) is located in North Africa and the Sinai Peninsula (Middle East), bordered by the Mediterranean Sea in the north, the Red Sea in the east (the seas are connected by the Suez Canal).
The climate is desert tropical: hot summers, cool winters, interseasonal temperature differences are small, there is little rainfall, frosts down to -5°C are possible in deserts.
The economy is based on the following industries: mining of phosphates, iron ore, sodium chloride, metallurgy, wagon and shipbuilding, mechanical engineering, production of mineral fertilizers, building materials, textiles, and producing agricultural products (especially cotton). The duty for the transport of goods through the Suez Canal replenishes the country's budget as well. Egypt is an attractive all-year-round holiday destination with a well-developed tourist infrastructure.
Real estate market in Egypt
Real estate in Egypt did not belong to markets that were especially attractive to most foreigners, there is no rush interest in Egyptian real estate at the present time, however, in the first quarter of 2022 demand still increased by 49% compared to the same period last year due to the influx of the Russians. Basically, residential real estate in Egypt is in demand by the citizens of the country, as the population is increasing (about 2 million people a year), about 1 million marriages are registered annually, the standard of living is slowly but steadily growing.
The hostilities in Ukraine and the international events related to them affected the domestic market - they led to a 10% increase in prices for building materials, as developers traditionally purchased reinforced concrete in Russia and Ukraine. This created conditions for the rise in price of local real estate, including residential.
Resort real estate is traditionally the most interesting area for investment. The most active sale of real estate is in Egypt in the resort areas and interesting cities for tourists such as: Hurghada, Sharm el-Sheikh, Luxor. A large number of objects are under construction, the volume of supply is increasing. New residential complexes are being built using modern technologies and delivered on time. Investments in commercial facilities located in tourist areas are a profitable investment. The choice of real estate in the secondary fund is quite diverse.
Property prices in Egypt
The cost of real estate in Egypt is quite moderate, and it depends on the location, quality of development, area, and development of the surrounding infrastructure. In the resort of Hurghada, it is approximately as follows:
- studio 30-40 sq.m (in a residential complex with a swimming pool on the second or third line away from the sea) - 10,000 euros,
- apartment with two bedrooms - from 30,000 euros,
- apartment with an area of more than 100 sq.m. or a house - 70,000 euros,
- villa (area - 220 sq.m, with garden, swimming pool) - from 100,000 euros,
- commercial space (per sq.m): warehouse - 120 euros, restaurant - 1,500 euros.
- Even in the capital - Cairo, you can find a small apartment for 10,000 euros in the old housing stock, in the center 1 sq.m is estimated at 900 euros, in remote areas - 400 euros.
Property types for sale
Real estate sold on the market is represented by primary and secondary, residential and non-residential stock, including:
- apartments in residential complex;
- mansions, villas;
- commercial space (hotels, shops, warehouses, offices, etc.);
- land plots.
Real estate website in Egypt
It is safer to use the information of experts and follow their recommendations. GEOLN.COM real estate (with a convenient search interface) contains a full catalog of real estate in Egypt.
Buying property in Egypt by foreigners (nuances)
A foreign investor in the African part of the country (Hurghada, Makadi, Sahl Hasheesh, El Gunna, etc.) can purchase real estate by registering no more than two objects in unconditional ownership (each should not exceed an area of 4000 sq.m.), while owning it without selling it for at least five years (to prevent speculation). Agricultural land and apartments in social housing microdistricts are not subject to sale. If a building site is purchased, the facility must be built within five years.
In Sharm el-Sheikh and other resorts of the Sinai Peninsula, real estate is issued for a long-term lease for up to 99 years.
Legal entities (the firm must be registered in Egypt in the form of JSC, LLC, LLP) can own land and real estate (see exceptions above), there are no restrictions on the nationality of shareholders, their place of residence and share of participation.
Buying a property allows you to obtain a long-stay visa for a period of six months with the possibility of a subsequent extension.
Buying property in Egypt, one of the most visited countries with excellent natural conditions, is beneficial for the purpose of:
- obtaining a guaranteed income from renting out,
- permanent residence.