Frequently Asked Questions:
Buying Property in Egypt
Why Egypt? Why Now?
- The Egyptian Government plans to attract 16 million visitors by 2014
- High rental accommodation demand – popular holiday destination
- Favourable tax legislation
- Many flights available from UK to Egypt
- Strong inward investment creating a potential capital growth of between 20-30%
- Politically stable country
- Low cost of living
- Year round climate
- Fascinating culture
Can foreign non-residents buy property in Egypt?
Yes. Anyone can buy a property in Egypt, whether it’s for pure investment or as a holiday home.
Can I get a mortgage on an Egyptian property?
Yes. However, Egypt is still an emerging market in terms of property investment and sourcing mortgages. There are currently very few mortgages available to foreigners however, things are set to change very soon – the market is opening up and becoming more competitive as the Egyptian banks are beginning to realise the potential and react to the demand created by the increasing number of foreigners buying property.
What is the tax situation in Egypt when buying property?
The Egyptian government is committed to attracting foreign investment into many sectors, including property, which means that the path is being eased for investors all the time. Recent reforms to streamline the purchasing procedure in Egypt, no capital gains tax, stamp duty or inheritance tax, and lower taxes than in many other countries means that the country is now attracting more foreign purchaser than ever before
- 0% Capital Gains Tax
- 0% Inheritance Tax (for British citizens living in the UK and if property is left to family members)
- 0% Stamp Duty
Do I need a solicitor?
Yes. As with any house purchase, the services of a good solicitor are required. We can recommend an independent solicitor but you are of course free to find your own.
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