| Cairo Property Investment Talks As a foreign investor you have the right to own real estate and land in Cairo. An investor who buys into this emerging property market now may well be buying into a prolonged period of growth which is the exact appeal of Egypt from an investor’s perspective. A real estate investor contemplating the purchase of undeveloped land or older, well established resale properties will need to employ a lawyer specializing in real estate law in Egypt to assist with any such purchase to ensure the transaction is conducted legally and that at the end of the property buying process the investor is the legitimate owner of the real estate and can seek to have it registered in his name and acquire the deeds to the real estate.
An investor requiring a mortgage to purchase property in Egypt may like to secure this outside of the country - alternatively mortgage law in Egypt has recently improved and investors and foreign buyers do have access to mortgage products in Egypt now. However, the real estate they are seeking to purchase has to be registered at the property registry for the mortgage company to consider it. To be eligible for home finance an investor will need to fund no more than 85% of the property purchase price and be able to repay within either 20 or 30 years.
Those considering investment property in Egypt would be wise to employ an estate agent to assist them with their search, negotiations and also with the property buying process. Once an investor’s objectives have been identified a local estate agent can find the types of property or land that fulfill the objectives and can make offers to the vendor and deal with any counter offers to ensure that a property is secured for sale to the investor.
It is usual to negotiate a property’s selling price in Egypt - unless buying off plan. If buying off plan the price is fixed with some extras usually negotiable for inclusion in the asking price. Once a property has been decided upon it is usual to pay a holding deposit that takes the property off the open market while contracts are drawn up. In a country with real estate registration issues as complex as Egypt it really is critical to have a lawyer conduct searches and to advise on the legality of the purchase. Even if a property investor in Egypt is buying a brand new property from a well established developer it is wise to take advice from an independent lawyer. |
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