How to buy real estate in Egypt?

One of the popular and not expensive tourist countries (prices for accommodation will pleasant surprise you: apartments in prestigious districts with the view on the sea costs from 30 000 USD USA)

Necessary documents :

For buying any type of the property you need only foreign passport.

The order of payment:

It depends on the conditions of the seller, buyer could pay the whole sum at once or pay a pledge in a sum of 10-50% from its whole cost. From this moment the exclusive right for buying is digging in it and it shifts off sale. As usual from the moment of prepayment to the end of the deal goes 30 days. At the moment of paying the last sum the contract of purchasing and buying is signing which is registers by state notary and only after this attaches.
State registration and receiving the certificate of the right of the property are not obligatory but recommended. For their receiving the buyer should get a decision of the court by the destination of the property. Registration of the property for foreigners is made during 60 days after forming all necessary documents.


Legal questions:

Foreigners could buy not more then two objects of property for one name – apartments, buildings or lots. The exception is land for agricultural purpose and historical monuments. Purchase could be made as physical as legal person, where property could be used as for private purposes as for the business.

Important!!!
Contract for the purchasing the property will be translated or making (it is depends on the conditions of the real estate developer) on Russian and certifies by notary.

Taxes and fees:


Taxation in Egypt is a tax for the income which is received in the result of using land and residential buildings on its territory; its rate is 20%. There are not annual tax on property and tax on the deal of purchasing and buying. Egypt law allow to bring out abroad the whole sum from the buying the property without any taxes on the capital gains.

Cost of the public services in Egypt is lower than in other countries. As usual the expenses of apartment’s services with two bedrooms are $20 per month (if the owner lives there). This sun includes payment for water, sewerage, electricity, garbage disposition, services of doorman. Gas is as usually bring it costs about 5 pounds (less than 1 dollar USA) per balloon fire.

Service payments for pool, sport grounds, gardening and etc. in residential complexes are in average $100-140 per year (if they are on the territory).

State duty for registration of the agreement by the notary is fixed.


Keeping of the property includes following payments and fees:


1. Annual tax for the property – there is no annual tax in Egypt
2. Fee for the garbage, the amount is fixed by location and size of the property – 10-20 dollars per year
3. Annual fees for servicing of pool, garden, sport grounds, roads or other conveniences if there is such on the territory of the complex – in average 100-140 dollars per year
Public payments are:
1. Electricity – 0,05 dollar per kW
2. Water – 0,1-0,5 dollar per 0,264 gallons, depends on the district
3. Gas – generally bringing – balloon fire 2,64 gallons – about 1 dollar
4. Phone – fee for connection is about 125 dollars


Visa for living:

Usual tourist visa is $15 is forming in airport and gives an opportunity to stay in Egypt till 1 month. For prolonging the visa for 2 months possible without leaving the country, for this you should go to the foreign office of the local police.
Owners of the property could go to the embassy of the Egypt in their country where base on the certification the long term till the year visa is forming. Further this visa could be prolonging without leaving the country.

For owners of the property with the coast from 50 000 dollars USA according to the law of ARE, resident visa is forming (permanent visa). It is given for the period 6 months then prolonging for a year, then for 5 years.

Infrastructure:

There are a huge number of shops but we should admit that there are no big malls where you could buy all from the food till the clothes. Each shop specialized on the separate kinds of goods: supermarkets (food and chemical affinity), grocery shops and markets, butchery, dairy shops, souvenir shops, clothes shops, shoes shops, shops “Light”, home appliance shops and etc.

On the ground floor of almost each house there is a supermarket, chemist’s, grocery shop and laundry (price of the services of laundry could not be compared with Russian prices and it will pleasant surprise you).

Beach:

You could visit beaches near the hotels (about 2 USD USA per a person) or on the public beaches (5 pounds per a person, less than 1 dollar USA). While buying some property, buyer gets a card for the free of charge visiting the beach of the nearest hotel.

Education:

In Egypt there are international pre-school institutions and international schools of high level where working teachers from different countries, including Russia. As usual teaching is in English. Also, there are courses of history, math, English, Arabic and so on by Russian Culture Center by Embassy of RF in Cairo. Also, RCC offers the huge library of Russian literature, meetings with Russian artists, and weeks of Russian culture with showing old and new films and so on.

Health protection:

For foreigners medical care in Egypt is paid but prices are not high.

.First aid by accidents is free of charge. Medical care responds to European standards. There is an opportunity for foreigners to form insurance in hospital, it costs about 160 pounds (30 dollars USA) per month for a person. Cost of the insurance for a year is less and you could use services by all doctors.

Transport:

There are all kinds of transport in Egypt. The most expensive for the inside flights is flight connection. The most popular are international buses, which has regular schedule. While trips along the Nil there is a sense to use train. Also, it is comfortable to use ferry for the trip to Charm-Al-Sheikh (80 dollars there and back for tourists and 49 dollars for foreigners with residential visa) or Saudi Arabia. In city it is popular taxi and mini bases. In Cairo there is a subway.
The price of the mini-bus is 1-2 pounds (depends on the distance) = about 5-10 rubles.

Price of the taxi is about 3 pounds for landing and + 1 pound = 0,62 miles (15 rubles – landing, 5 rubles per 0,62 mile)