Uncover Egypt - Buying & renting property in Egypt or booking a hotel in Sharm El Sheikh or Luxor in Egypt - Help moving to Egypt

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Egyptian Property Law - Buying Property in Egypt

Purchasing
In general when buying property in Egypt from a new development, prices are set and there is little room for negotiation. Re-sale properties sometimes offer opportunity for negotiation. Payment terms vary. Cash buyers usually benefit from a discount of around 10% or long- term credit arrangements often at 0% interest over 3 or 4 years are possible.

From the end of 2007 it may be possible to get a UK bank to offer a mortgage when buying a property in Egypt.

Purchasers must also factor into their budget the cost of the “buyers commission” when purchasing in Sharm El Sheikh which is a fee charged to the purchaser by the agent handling the transaction of sale. This fee is usually 1.5% of the price of the property. In other areas of Egypt the “buyers commission” is between 4% and 5% of the value of the property but does include some of the lawyers fees.

Egypt property law

Get a Lawyer in Egypt
Instructing a good lawyer is essential; we are able to assist you with this. The property must be checked against loans, debts and disputes. The correct signatures and all relevant powers of attorney from the seller should be verified by the lawyer in Egypt.

Arabic and English Contracts
All contracts should be in both Arabic and English and should be translated to ensure the Arabic matches the English. Uncover Egypt can recommend professional translators. A deposit is usually required at the stage the lawyers get involved. The size of the deposit does vary. Uncover Egypt will ensure that you pay only the minimum requirement. The deeds to your property in Egypt are assigned to you at the land registry office.

Freehold/Leasehold
Purchasing a property in Sharm el Sheikh is different than purchasing a property in any different location in Egypt, according to the difference in legal status. There was an administrative decree issued by the prime minister of Egypt in 2005, abrogating the context of the previous law issued in 1996. Despite the fact that originally an administrative decree is normally unable to nullify law, but this decree is currently the prevalent decree governing the foreigners’ legal status when it comes to purchasing a property in Sharm el Sheikh.

The aforementioned decree states that foreigner purchasers in Sharm el Sheikh may not be granted the right to be "landlords" on the properties they purchase, but only would have the "Freehold" right, for the maximum time of 99 years, and since the term "Freehold" originally applies to the right to enjoy a property and all its advantages for good, in addition to the right of disposal, either physical or legal disposal, and since the decree has stated the maximum limit of freehold as 99 years, therefore - legally talking - it is NOT freehold, it is better to be rephrased to "Usufruct".

In other areas of Egypt it is still possible to buy freehold properties.

Egypt property law

Apply for Residency in Egypt
You must also apply for residency in Egypt at this time as it is a requirement of the Egyptian government that owners of property in Egypt must have residency. Uncover Egypt will assist you with this process.

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