Published on 25 April 2007 at 04:59 pm
Filed in Property News for Egypt » Buyer Beware of Building Standards if Buying Property in Egypt
One of the key differences between emerging property markets, such as those in Morocco, North Cyprus and Egypt for example and established real estate markets such as those in France, the Republic of Cyprus and Spain, can be tangibly observed in the form of building standards – or rather a lack of them!
And when it comes to Egypt it really is a case of buyer beware of building standards if buying property in Egypt because boy do they vary dramatically between constructors. The bottom line is that if you’re contemplating buying any unit in a high rise you need a structural engineer to check out construction techniques and even if you’re buying a low rise property you need to look at what’s being built around you…
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As a foreign investor you have the right to own real estate and land in Egypt, but unfortunately the property registry in Egypt is out of date, incomplete and many believe only 10% of properties in Egypt are actually registered - naturally this creates a problem for the property investor.
However, the majority of real estate investment interest is focused on the main cities and resort areas in Egypt and these are far more geared up to the international property market. Furthermore the Egyptian government is committed to attracting foreign investment into many sectors including the real estate sector therefore the path is being eased for investors all the time. This is our guide to the property buying process in Egypt for real estate investors.
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Interest in the investment property market in Egypt is beginning to awaken as the wider world becomes aware of the incredible investment opportunities and incentives available for investors in Egypt.
The key factors attracting overseas investor interest include Egypt’s fast growing tourism sector, the fact that the government is continuing to commit to legislative initiatives designed to enhance the investment climate and the fact that property prices in Egypt remain low and affordable whilst demand for quality property for sale and short term let is increasing.
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The Egyptian property market is particularly attractive to overseas investors along the Red and Mediterranean Sea coasts, and also in the major cities of Cairo and Alexandria. Investors have been benefiting from the country’s increase in tourism traffic and also as a result of the Egyptian government’s sweeping reforms designed specifically to attract further inward investment.
The ancient and fascinating country of Egypt is of immense interest to many thousands of foreign visitors each year and now it is increasing in interest for overseas property investors and also world renowned foreign property development companies such as Dubai based Emaar Properties who made a move onto the Cairo property scene in 2005. And while real estate prices currently remain low, the Egyptian property market’s star is rising fast.
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