In recent years Egypt has become a prime destination for investment and holiday properties, with regions around the major cities seeing a particular boom. With this increasing popularity it’s the perfect time to think about getting in on the action, but keep in mind these important tips:
Like with any property purchase, ensure you don’t rush into things. Take your time to get to know a region, its people, its amenities and its cuisine. If you can’t make it a home, don’t live there. To really get a feel for a place you’ll need to spend a good deal of time there. Don’t just go for a weekend thinking you’ve read all about the area and it sounds lovely; invest some time and uncover the true character of your chosen region.
Likewise, don’t combine business with pleasure. If you treat your buying trip as a holiday you’re liable to fall in love with properties that don’t make financial sense, and primarily your investment has to be affordable. Don’t get carried away just because you think you’ve found your dream home or because someone else might make an offer; all the usual rules of buying houses still apply, and you should never go over budget and regret it later.
Consider more out-of-the-way destinations to save money. The big cities are obviously most expensive, but you can still find the Egyptian experience in other parts of the country. Marsa Alam,in the south Red Sea, Egypt for example is on the up but still unspoilt by development and tourism, so it just goes to show that you can pick up a bargain if you’re willing to live outside the most popular destinations. From Hurghada to Marsa Alam you will find miles of pristine beaches and Marsa Alam is now served by Egypt International Airport at Marsa Alam. Also there is an international airport in Hurghada and Cairo. Air transport within Egypt makes all areas accessible and such great investment opportunity for buying property in Egypt at great prices.
Once you’ve found a house or apartment you love, you can start to go through the buying process. This involves making an offer which, if accepted, you’ll sign an agreement on. Then you have to pay a third of the offer to the seller, which is non-refundable if you decide to pull out. The rest of the balance is transferrable usually with payments monthly through to completion, which takes up to a few months; this is when documents are signed by both parties and their Notary which transfer ownership to you. Egypt apartments for sale and property for sale is transferred by freehold ownership and taxes are very low. There is good return of investment for property in Egypt, it is a safe investment and popular destination for tourists. Many ex pats are living in their own home in Egypt.
There are no restrictions on foreign nationals buying property in Egypt, you are liable to pay a fee, which covers all the deeds to the house, planning regulations etc being checked to make sure that the sale of the house is legal. This is a standard procedure, it doesn’t cost very much and it is for your protection. Buying property in Egypt is easy for anyone, just be sure you’re buying property from someone that has the right to sell it and you can be sure of this by having your documents properly taken care of.
Buying an Egypt property is a straightforward process, and as long as you do your research and follow the correct procedures, you’re sure to find the right investment.
Author: Sandra Peterson