Foreigners seeking to buy property in Egypt will now be required to pay for it in foreign currency, as the country aims to enhance foreign investment. The Cabinet, at its weekly meeting on Wednesday, approved amendments to a 1996 property law that previously allowed foreigners to purchase homes and land in Egypt using the local currency. The decision to mandate foreign currency payments from foreigners reflects Cairo's intensified efforts to attract investment from overseas. Additionally, the amendments specify that foreigners must deposit their payments through a fully state-owned bank. While this move is intended to stimulate foreign investment, it may drive up real estate prices in Egypt, according to economic analyst Medhat Nafea, who serves as the deputy to Egypt's supply minister. Nafea stated, "There is a surplus of real estate in Egypt, so, assuming that there is demand from the foreign end, which the very act of amending the law suggests there is, then we can expect real estate prices to go up." Moreover, the removal of restrictions on the number of properties and their size is likely to result in a higher number of homes being owned by foreign nationals overall. Mohamed Ragab, a financial and economic analyst, predicts that the majority of foreigners benefiting from these amendments will be citizens of Gulf Cooperation Council (GCC) countries. He explains, "GCC companies are Egypt's biggest investors, and many have established companies here, so I expect them to constitute the biggest buyers of real estate after these amendments. I don't anticipate significant interest in purchasing property in Egypt from citizens of Western countries." The economic crisis triggered by the surge in global food and energy prices, in conjunction with the Ukraine war, has depleted Egypt's foreign reserves and led to a shortage of dollars. As a result, the import-heavy economy of the country has been significantly affected. With inflation at a six-year high and projected to continue rising, the Egyptian government has introduced various measures in recent months to encourage more foreign investment across sectors. In May, the reactivated Supreme Council of Investment, a government body formed in 2017, announced 22 decisions aimed at promoting private sector participation in the economy, although specific details were not disclosed. During the same month, the Cabinet approved economic and legislative amendments in response to complaints about excessive bureaucracy hindering non-Egyptian companies from establishing themselves in the country. These amendments are designed to expedite company formation, land acquisition, and state permit issuance for foreign investors and private sector companies. Egypt had also announced a large-scale state asset sale last year with the goal of boosting foreign investment. However, the completion of the initial public offering program, which involves selling at least 32 companies to foreign investors, is still pending. Overall, the recent amendments to the property law requiring foreigners to pay in foreign currency align with Egypt's strategy to foster foreign investment and address its economic challenges.
Zed East is located in New Kattameya, New Cairo. The developer of Zed East is Ora Developers.
The completion date for Zed East is and the finishing for the properties are Fully Finished.
The starting price of properties in Zed East is 10,000,000 EGP with a price per sqm of 71,942 EGP. The downpayment for a property in Zed East is starting at 5% or 500,000 EGP. The number of installments for a property in Zed East is 32 installments and has a payment plan of 8 years. The monthly payment of a property in Zed East 104,167 EGP
Soul is located in Dabaa, North Coast. The developer of Soul is Emaar Misr.
The completion date for Soul is and the finishing for the properties are Fully Finished.
Mountain View Ras El Hekma is located in Ras El Hekma, North Coast. The developer of Mountain View Ras El Hekma is Mountain View (DMG).
The completion date for Mountain View Ras El Hekma is and the finishing for the properties are Fully Finished.
The starting price of properties in Mountain View Ras El Hekma is 3,138,458 EGP with a price per sqm of 33,227 EGP. The downpayment for a property in Mountain View Ras El Hekma is starting at 30% or 941,537 EGP. The number of installments for a property in Mountain View Ras El Hekma is 12 installments and has a payment plan of 3 years. The monthly payment of a property in Mountain View Ras El Hekma 87,179 EGP
June is located in Ras El Hekma, North Coast. The developer of June is SODIC.
The completion date for June is and the finishing for the properties are Fully Finished.
The starting price of properties in June is 10,500,000 EGP with a price per sqm of 78,680 EGP. The downpayment for a property in June is starting at 5% or 525,000 EGP. The number of installments for a property in June is 24 installments and has a payment plan of 6 years. The monthly payment of a property in June 145,833 EGP
Marassi is located in Sidi Abdelrahman, North Coast. The developer of Marassi is Emaar Misr.
The completion date for Marassi is and the finishing for the properties are Fully Finished.
The starting price of properties in Marassi is 15,833,166 EGP with a price per sqm of 145,318 EGP. The downpayment for a property in Marassi is starting at 5% or 791,658 EGP. The number of installments for a property in Marassi is 24 installments and has a payment plan of 6 years. The monthly payment of a property in Marassi 219,905 EGP
Silversands is located in Sidi Heneish, North Coast. The developer of Silversands is Ora Developers.
The completion date for Silversands is and the finishing for the properties are Fully Finished.
The starting price of properties in Silversands is 28,460,000 EGP with a price per sqm of 92,700 EGP. The downpayment for a property in Silversands is starting at 10% or 2,846,000 EGP. The number of installments for a property in Silversands is 24 installments and has a payment plan of 6 years. The monthly payment of a property in Silversands 395,278 EGP
Zed West is located in 14th District, Sheikh Zayed. The developer of Zed West is Ora Developers.
The completion date for Zed West is and the finishing for the properties are Fully Finished.
The starting price of properties in Zed West is 9,000,000 EGP with a price per sqm of 60,000 EGP. The downpayment for a property in Zed West is starting at 0% or 0 EGP. The number of installments for a property in Zed West is 32 installments and has a payment plan of 8 years. The monthly payment of a property in Zed West 93,750 EGP