Payment in dollars.. Conditions for foreigners buying real estate in Egypt

The demand for the real estate sector in Egypt is great from all different Arab and African nationalities, but Sudanese foreigners have only contributed to raising rent prices.

The Council agreed to make a legislative amendment to the text of Article 2 of Law No. 230 of 1996 regulating the ownership of non-Egyptians of indicated real estate and vacant lands, allowing non-Egyptians to own real estate, whether built or vacant land, for the purpose of housing.

Foreign currency

The price is paid in foreign currency by transferring from abroad to a bank whose shares are wholly owned by the state, in accordance with the rules, conditions, and controls for which a decision is issued by the Governor of the Central Bank.

The Egyptian Cabinet approved a legislative amendment that allows non-Egyptians to own real estate, in accordance with the recommendations of the Supreme Investment Council, with the aim of increasing the country's hard currency resources.

According to the cabinet statement, issued on Wednesday, the legislative amendment allows non-Egyptians to own real estate, whether built or vacant land, for the purpose of housing, provided that they pay for it in hard currency, by transferring from abroad to a bank wholly owned by the state.

Non-Egyptians own real estate in Egypt

Last May, the Supreme Investment Council, headed by Egyptian President Abdel Fattah El-Sisi, approved several decisions aimed at improving the investment environment and encouraging the private sector, in a way that supports foreign investment flows into the country, which is facing difficulties in the availability of hard currency.

Among the decisions of the Supreme Investment Council, allowing non-Egyptians to own an unlimited number of real estate in Egypt, after it was only allowed to own two real estate, in two different cities.

Stability in its economy

Egypt is trying to achieve stability in its economy after the Russian-Ukrainian war last year negatively affected the tourism sector, raised commodity prices and prompted foreign investors to withdraw about $20 billion from its financial markets.

Last May, the Egyptian government decided to open the way for foreigners to own real estate inside Egypt without a maximum ownership limit.

Egyptian Prime Minister Mostafa Madbouly said, at the time, that the state opens for foreigners to own real estate inside Egypt, indicating that the regulating decisions in the past were that the maximum limit for any foreigner who wanted to own a property in Egypt was two properties, and they would be in two different cities.

In this side the state has become developed and is implementing various urban projects to double the populated area, and there is a continuous population increase, and therefore there is a continuous demand.

Engineer Imam Gomaa, the real estate expert, said that an amendment to the law on the ownership of real estate by non-Egyptians for the purpose of housing will contribute effectively to increasing popularity in the Egyptian real estate market and activate the buying and selling movement, which contributes to revitalizing reconstruction.