sharm-el-sheikh-rentals.com

Can foreign nationals own property in Egypt?

Yes, foreigners can buy properties in Egypt.

Do I need a visa?

You do not need a visa to buy a property in Egypt, but you must have a visa to live here.

How easy is it to get to Sharm El Sheikh from the UK?

The flight is about 5 hours from the UK and Northern Europe to Sharm El Sheikh. Charter flights and scheduled flights are now available from several airports, such as London, Manchester, Newcastle, Birmingham, Glasgow, Dublin, Cardiff, Milan, Rome, Paris, Oslo, Stockholm, Copenhagen, Helsinki, Zurich, Moscow, Brussels, St.Petersburg, Munich, Amsterdam, Warsaw, Kuwait, Amman and more!

Will I need a Solicitor?

It is essential to engage a reputable local solicitor. Pioneer Property can recommend skilled lawyers in the Egyptian Real Estate Market. 5,500 Egyptian Pounds fixed fee includes: Power of Attorney, Residence Visa, Drafting of Buy/Seller Contract, Return Transportation to El Tur City for all Government & Court Case Procedures and Legal Consultation Fees.

How long will it take for the registration to be finalized?

The registration will take between 6 – 12 months

How much are the service/arrangement fees when I purchase a property?

1.5% of the purchase price.

How much are the service/arrangement fees when I sell a property?

4.5% of the purchase price.

Will I be able to rent out my property in Sharm El Sheikh?

Yes. The Pioneer Property rental team will visit your property. They will look at the current rental market and estimate a monthly rental return for you.

What is the local currency?

The local currency is Egyptian Pound EGP, also known locally as LE.

Will I need an Egyptian bank account?

You do not need an Egyptian bank account when you are buying a property, but it will be useful at a later stage if you choose to rent out your property.

Are there any maintenance costs involved?

Yes. The cost of maintenance varies depending on the property and services offered. Full details on maintenance services are provided by Pioneer.

What is the Capital Gains Tax situation?

There is no Capital Gains Tax or Inheritance tax to be paid in Egypt.

Where can I find more information on Egypt?

http://egypt.embassyhomepage.com/

Embassy of Egypt
26 South Street, London W1K 1DW
Tel.: +44 20 74993304/2401

www.britishembassy.gov.uk/egypt

British Embassy, Cairo
7 Ahmed Rageb Street
Garden City, Cairo
Tel.: +20 2 7940852

Infrastructure

Egypt’s infrastructure is currently undergoing
massive investment with several large projects under construction including the upgrading of Cairo International airport and a number of local airports, major road routes and bridges and the railway system.

Sharm El Sheikh airport has been upgraded and plans are going ahead for further expansion next year.

Property Market

For the past few years, Egypt’s property market has been very buoyant although it is still regarded as an emerging market with lower entry prices compared to European countries.

One of the major factors behind the rising property market is the country’s increased consumer spending.

This growing purchasing power and a demand for housing within the domestic market has lead to
a strong resale market potential.

High demand for buy-tolet proper ties, both for long term investment and holiday lets, in popular tourist areas such as Sharm El Sheikh will ensure there is a constant demand for rentals particularly with easy accessibility provided by direct flights.

Ownership in Egypt

The law in Egypt allows non-Egyptians to purchase property up to 4,000 sq metres.
Property larger than this will require Government approval.
The South Sinai region is restricted by the Prime
Minister decrees of 2005 and 2007 where
purchasers, whether they are Egyptian nationals or not, cannot purchase property freehold.
All contracts are set-up as a Usufruct for a period of 99 years.
The contracts are signed with a proviso that if the decrees are cancelled, the contract will change to a freehold contract.