Egypt propertyThe property market in Egypt is primarily focused around the Red sea and Mediterranean coastline. Property investors are also buying in and around the main urban hubs of Cairo, Alexandria and Luxor, The Egyptian governments pro-active policies for attracting overseas investment has created an economic climate geared for growth in the Egyptian property market. Do you agree? Please state your views and opinions here on our new Egyptian property forum.
I also believe this is correct. I have also been told that developers are not allowed to have payments for properties built in Egypt sent to another country. There is a couple doing this at the moment. I believe this is unlawful, and any developers cought doing this will be in big trouble. And the people who paid for these will have great problems getting their money back I am sure. I think anyone looking at buying a property in Egypt should check where the money is going, before sending a single pound. Plus I would wonder about any developer sending the money out of the country. How are they going to have the money to finish the project in Egypt, if the money is in another country?
You are allowed to bring in as much money as you want into Egypt, but when leaving they have signs at the airport that say you cannot leave with more than 200 Egyptian Pounds. I guess I cannot blame the country of Egypt, they want the money to stay, and help the economy.
If a NON Egyptian resident is buying something in Egypt but lives in another country, and the developer / owners also lives outside Egypt then there is NO money leaving Egypt, and therefore no currency regulations are being breached. The money is passing between two other countries and will only get to Egypt as part of the developer paying for the development.
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We have also deleted alot of the old posts so as to make this thread easier for both members and Zeiad to read. When Zeiad responds to a question and a reply is put up thanking Zeiad we will leave it for a few days so Zeiad can see it then delete it.
Hi, I've already read it: I'm not sure about this phrase: "1. That ownership be limited to only two real estate properties throughout Egypt for accommodation purposes of the person and his family (family meaning spouses and minors), in addition to the right to own real estate needed for activities licensed by the Egyptian Government.
2. That the area of each real estate not be in excess of four thousand square meters."
What does the "in addition to the right to own real estate....". I've seen a couple of people who own more than two properties in Egypt? Can Mr. Zeiad clarify this?
Thanks Alison I didn't know about this link or this website before!!!
Dear Bashir00,
Kindly get informed that the aforementioned law is widely abused in practice. Reason is that people "who register their properties" become subject to the said law, while those who don't, in fact, escape the limits and restrictions.
In the mean time the governmental utilities are not taking good notice of this issue, and I have honestly no idea whether they would ever do something against it or whether they 'know' but 'pretend that they don't'!
So, let's put it simple and practical; if you registered 2 freehold properties in Egypt, you cannot register the third, but if .................... "fill in the blanks!"
However, this is not the best legal practice what they're doing, and this is why I said "abuse" in the beginning, but does it happen? Heck yeah!!!
Point is...
The Egyptian law has specified "registration" as the sole legitimate way to transfer wonership on properties, while practice "during long decades", and for various reasons, didn't give a huge weight to registration in Egypt. Consequently the notary public has no accrate records of true owners on various properties, and this is why the lawyer does a hard job to race the evolution of title of deed.
People in Egypt have also resorted to alternative methods i.e. Contract Validity legal suit, which is now very complicated to achieve and almost impossible for foreigners in Sinai, and Signature Validity legal suit which is the practical legal method people use in Cairo, Alexandria, Sharm, Hurgada...etc.
This method, however, is the least protective method among the abovementioned ones, yet the only available option in most "95% or more" of cases!
Kindly get informed that the said stipulation is called "Sea Campus Article", which is found in the "Environment Law" of 1994.
Point is determining the amount of sea campus in figures is for every governor to determine for their governorate. In Hurgada it is the Red Sea Governor who is responsible to determine such campus, taking into consideration that the said campus is subject to change, either from a governor to another, or within the period of the same governor if need be.
Consequently what you are talking about is possibly a governor's decree, but not a law.
There seems to be some debate as to whether or not stamp duty of 0.6% is payable on purchasing a property in Egypt.
Could you please clarify.
Kind regards
Linda
Good afternoon to you too Linda,
It took me time to answer this question, because I had to research before I answer, and I eventually reached the result which I'd say initially, except for my desire to be certain; which is there is no such thing as the 0.6% stamp duty, and in fact there is no stamp duty at all on property purchases.
However, and to be more and more sure, I have had a phone appointment with property tax authorities on Sunday to enquire. But as far as it seems, after I enquired with developers, legall accountants, and other lawyers in other governorates, they have all denied hearing about a stamp duty on property purchases, and I have researched the legal resources and failed to find any law talking about it. However you will be informed after I talk to the tax authorities.
We are having some serious concerns regarding the area of land to the front of the villa apartments on this development. According to a post on the this forum, someone has recently visited the site and stated there is approximately 150 metres of land between the front of the villa apartments and the service road, which will possibly become the promenade, then a further 200 metres or more of beach before the promenade. Is it possible they may decide to build phase 3 at a future date? If they did, this would completely block the view of the beach/sea from our ground floor villa apartment, for which we are paying a premium! Will it be possible to have written confirmation that no building will take place to the front of the villa apartments, either in a separate document or, preferably, written in to the contract?
I have also sent an email to you regarding this.
Hello,
Kindly be informed that I have replied to your email. However I will copy my reply and paste it here just to make sure every one reads it:
I just had a long phone call with the developer's solicitor, and I got the information;
The area in front of the project will consist of small wooden huts, as restaurants, wind-surf marina, and the like, but no concrete constructions of any kind will be built infront of the project, needless to mention that it would be against law to build any concrete constructions. The aforementioned amenities will be established to serve the residents at Oasis Marina. They will be made of wood, and of a low height to preserve the sea view of residents. The solicitor assured that the main purpose of the desired wooden huts is to add more entertainment and services to the resident, and consequently it wouldn't be a barrier of any kind between them and the sea.
All the best,
Zeiad Yehia
Solicitor
Last edited by Zeiad Yehia : 24-05-2008 at 04:56 PM.
Reason: Edition
Please could you tell me who owns the land and who has land title.
This is purely for mortgage purposes.
Dear Sir,
Kindly be informed that the said land plot is owned by Iraida Company, by virtue of a registered contract "registered land."
In the company's commercial register, it is authorized for Mrs. Iraida Shahwan and Mr. Ehab Shahwan "Jointly or separately" to sign on behalf of the company.
I know you are very busy, but is it possible to give us an approximate date as to when to expect the due diligence on Hania Baech. Some of us have to make out first payment by the 28/05/08.
Kindest regards
RED
Hello,
I am more impatient for the results than you are. I hope the results will be in by tomorrow or after. However please do not pay funds to anyone when it is not sure if they own the project or not. I am pushing for the report to arrive but it is taking the long way since the developer did not cooperate.
I am more impatient for the results than you are. I hope the results will be in by tomorrow or after. However please do not pay funds to anyone when it is not sure if they own the project or not. I am pushing for the report to arrive but it is taking the long way since the developer did not cooperate.
All the best,
Zeiad Yehia
Solicitor
Mr. Ziad
I admit you do great effort here, but can you give us your report about Al Rivera Beach if you have time
Thanks
George
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Possible mis-understanding
UK Property Agent & Developer of - RED SEA RESIDENCIA - Apartments in Hurghada
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