Red Sea Living Real Estate Frequently asked questions:
- Can foreign nationals own property in Egypt?
- Do I need a visa to visit Egypt?
- How easy is it to get to the Red Sea?
- How long are the flights from the Europe to Hurghada - Egypt?
- What is the time difference?
- What is the Climate like?
- How popular is Egypt as a holiday destination?
- Where do the tourists come from?
- Do the developers have the support of the Government?
- Is the property freehold or leasehold?
- What is the purchase procedure?
- How much are the legal fees?
- Will I be offered a mortgage?
- What are the registration costs?
- Are there any management costs?
- Is there a build guarantee?
- What are the likely rental rates?
- Is this rental net of management charges?
- How long is the rental season?
- Are the properties sold fully furnished, if not how much are furniture packages?
- What currency is used for the property purchase and rental payments?
1. Can foreign nationals own property in - Egypt?
Yes they can own property in Egypt and all coastal resorts along the mainland Red Sea and the Sinai Peninsular.
"1996 presidential decree regarding the ownership of Land and property by non-Egyptians:
Non Egyptians are permitted to own two properties or land with a maximum area of 40,000 m2 of each, none of which should be a historic monument." source Red Sea Governorate web site
2. Do I need a visa to visit Egypt?
Yes you do need a visa, either from the UK Embassy, but easily obtained on airport entry.
3. How easy is it to get to the Red Sea?
It is easy as there are many direct flights from major airports in Europe to Cairo, Hurghada and Marsa Alam International Airports.
4. How long are the flights from the Europe to Hurghada Egypt?
It is a 5 hour flight more or less depending from which point you are flying from in Europe.
5. What is the time difference?
Egypt is GMT + 2.
6. What is the climate like?
In winter temperatures range from 18 - 28°C.
7. How popular is - Egypt as a holiday destination?
Egypt has been popular for centuries. The coastal resorts of Hurghada and Sharm El Sheikh have grown over the last 20 years.
8. Where do the tourists come from?
Tourists visit Egypt from all corners of the world.
9. Do the developers have the support of the Government?
Entirely and International developers have also started investing in Egypt
10. Is the property freehold or leasehold?
Property in Egypt (mainland) is generally Freehold. Sinai is leasehold to date (2007).
11. What is the purchase procedure?
Each developer will have there own set procedure of payments for new-build. After an initial administration deposit to start the purchase contract, monies are generally paid as "stage payments." 20% to 50% of the unit price may be asked on the signing the purchase contract usually around 30 days after deposit. An arranged % of the unit price is to be paid according to each individual contract and time-scale after signing the purchase contract. With the final payment and after signing of the final contract, clients will receive the keys for their property. Full Deeds of Entitlement will be released in accordance with the Authority of the location of each property.
12. How much are the legal fees?
About £200 sterling for each property registration fee. Egypt Conveyancing fees are around £350 sterling. It is advisable for you to have your own lawyer cover all legal and contractual details throughout the purchase.
13. Will I be offered a mortgage?
In Egypt not many banks are open for mortgages. However private mortgages can be arranged by reputable companies or from your own country of origin.
14. What are the registration costs?
The buyer will pay the government a "one off" registration fee of around £200 sterling, regardless of value, according to the 2006 property laws.
15. Are there any management costs?
Maintenance fees depend on each individual development or property.
16. Is there a build guarantee?
There are build guarantees. Make sure they are written into contracts.
17. What are the likely rental rates?
A one bedroom apartment will easily rent out at 1500 LE per month for the long term stay. Two bedroom prices are from 2000 LE per month. Duplex apartments, Villas and luxury Villas vary and all depend on location, beach access and number of bedrooms, quality of furniture and facilities.
18. Is this rental net of management charges?
This rental is before management charges.
All year round. Most owners let property for 75% - 85% of the year, regaining mortgage and maintenance or costs.
20. Are the properties sold fully furnished, if not how much are furniture packages?
Depends on the property. Please check our furniture packages page for details.
21. What currency is used for the property purchase and rental payments?
Purchases can be in Egyptian pounds, US Dollars, Sterling or Euro. Rental is mostly in LE or Euro.
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