Egypt is a relativly new area for 'everyday' property investors. This FAQ's section should help answer some questions for the new investor.
Can foreigners own property in Egypt?
Yes. Anyone can invest and own a property in Egypt.
Why Egypt and Why Now?
- The Egyptian Government aims to increase visitors to Egypt to 16 million by 2014
- The demand for rental accommodation is high since Egypt is a popular holiday destination
- Favourable tax situation
- Easy access from UK to Egypt: several airlines flying direct into Egypt
- High investment which has created potential capital appreciation of 20-30%
- Egypt is politically stable
- The cost of living is quite low
- Excellent climate - year round sunshine
- Enticing culture
Yes. However, please bear in mind that Egypt is still an emerging market. So with regards to sourcing mortgages there are still very few available to foreigners however, this should change very soon – the market will become more competitive as the Egyptian banks begin to react to the increasing amount of foreigners buying property.
What are the tax implications in Egypt when purchasing property?
The Egyptian government is dedicated to attracting foreign investment meaning that the way is being eased for investors. Recent changes to streamline the purchasing process in Egypt has resulted in more foreigners buying property in Egypt: no capital gains tax, no stamp duty and no inheritance tax.
Is a solicitor needed?
Yes. It is the same with any house purchase – it is advisable to appoint a good solicitor are required.
