Property in Egypt
Egypt. Supplemental information
Egypt. General information about the market
The current state of the real estate market
The global financial crisis, and then began in 2011 in Egypt, the civil war, led to a sharp decline of interest in Egyptian real estate with foreign buyers. In Russia there are almost no companies operating in the Egyptian market.
At the same time, interest in home buying in the Egyptian resorts has not disappeared completely – according to Yandex statistics, the number of search queries for the purchase or lease of Egypt is on a par with such countries as Hungary, Portugal and Slovenia. Moreover, in 2013 the number of requests has increased significantly.
Features buying
Foreign citizens may not acquire ownership of more than 2 properties. The area of each shall not exceed 4,000 sq m; however, this limitation practically does not affect the interests of the Russian buyers are mostly interested in buying inexpensive apartments. Egyptian law also forbids resale or lease of the purchased property during the first 5 years after the transaction.
Also on the Sinai Peninsula, a foreigner can not purchase property in the ownership of the apartment is made for long term rent for a period of 99 years.
Popular resorts
The most popular regions for leisure and for the purchase of real estate among foreigners is the resort town of Hurghada and Sharm El Sheikh. Both resorts are located on the Red sea, but thanks to the ridge of the mountains of the Sinai around Sharm-El-Sheikh, less windy here than in Hurghada.
Among the Russian buyers of real estate more popular Hurghada: the cost of housing and living expenses (food, transportation, utilities) are much lower here than in Sharm El Sheikh.
The average cost of 1 sq. m of housing in the Central part of Hurghada is $686 ($ 673/1 sq m in the suburbs). In Sharm El Sheikh 1 sq. m will cost $ 1240 ($ 812/1 sq m in the suburbs).