Buyer BewareBuying Property in Egypt is relatively straightforward - but it is important to select a solicitor who has experience in the egyptian market.
Overseas investors have the right to own property in Egypt, but unfortunately the property registry in Egypt is out of date and incomplete - naturally this creates a problem for the property investor.
Buying Property in Egypt
The purchasing process involved in investing in a property in Egypt is very straight forward. Once you have selected a property a verbal offer is made to hold the property, after which a reservation fee is payable in order to fully secure the unit chosen. This fee is usually 100% refundable and is typically around €3,000. At this stage it is advisable to appoint a solicitor to work on your behalf – it is highly recommended to choose one who is versed in Egyptian law. Once the reservation fee has been paid, contracts will be sent to you for signing (within usually one month). Upon signing the remaining deposit is payable – a typical deposit is 40% (minus the reservation fee). The balance is payable upon completion.
