Egypt grants foreigners the right to own real estate without a maximum limit. Details of the decision

https://sputnikarabic.ae/20230518/Egypt-grants-foreigners-the-right-to-own-real-estate-without-the-maximum-decision-details-1077177595.html

Egypt grants foreigners the right to own real estate without a maximum limit. Details of the decision

Egypt grants foreigners the right to own real estate without a maximum limit. Details of the decision

Egyptian Prime Minister Mustafa Madbouly announced that the government decided to allow foreigners to own real estate inside the country without being restricted to a specific number, pointing out that the state is within the framework of facilitating the allocation of… 18.05.2023, Sputnik Arabic

2023-05-18T11:18+0000

2023-05-18T11:18+0000

2023-05-18T11:18+0000

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The prime minister said, “The previously organized decisions stated that the maximum foreign ownership of real estate is 2 in two different cities.” He continued: “No specific number, any foreigner who wants to own real estate inside Egypt. Restrictions in number, and foreigners have the right to own any number of real estate.” What is the purpose of the decision? It seems that the main objective of the recent ministerial decision is to attract hard currency, and benefit from the real estate wealth that the Egyptian government has worked on during the past years by building new cities and developing neighborhoods that used to be Already existing. And in televised statements, Ambassador Nader Saad, spokesman for the Council of Ministers, said that the decisions issued by the Supreme Investment Council include facilitating the ownership of real estate by foreigners. He pointed out that “this previous situation has no meaning in light of our possession of good real estate wealth,” pointing out that “the state seeks to export the property (sell it to foreigners) to obtain dollar proceeds.” Special”, at the Egypt 2022 Economic Conference, held last October, it was announced that 40 new cities had been launched in recent years, and that they had added 10 trillion pounds (about $500 billion at the time) of assets to the Egyptian state’s portfolio. The Prime Minister confirmed Mostafa Madbouly, during the session, stated that Egypt is late in the real estate export file, and he said: “We are still far from many countries of the world in selling existing units, although we have a very large volume of real estate at a high and developed level, but we cannot promote it, to be a source For free currency in Egypt.” Madbouly indicated, at the time, that Egypt is fully prepared to take all regulatory decisions that facilitate foreign ownership of units and link them to long-term residencies. He added, “We need clear recommendations that work to put these points within an operational framework; To work on it during the coming period.” What does the current law say about foreign ownership? According to Law No. 230 of 1996 regulating non-Egyptians’ ownership of built real estate and vacant lands, the right to own property is one of the rights in which the status of a foreigner differs from that of a citizen. According to the provisions of the law, a foreigner has The right to own two properties at most throughout the Republic for the purpose of private housing for him and his family, without prejudice to the right to own real estate necessary to practice the private activity licensed by the competent Egyptian authorities. The law stipulates that the area of ​​each real estate does not exceed four thousand square meters, and it is prohibited The property is considered an antiquity in the Antiquities Protection Law. The law indicated that the Prime Minister has an exception from the two conditions mentioned in the first and second clauses in cases he deems appropriate, and the Council of Ministers may set conditions and rules for ownership in tourist areas and urban communities that he determines. According to a spokesman for the Council of Ministers, some The current decisions need legislative amendments in the investment law and other laws, stressing, “We immediately go to the House of Representatives, and we hope that it will adopt these amendments to increase the volume of investments in Egypt.”

https://sputnikarabic.ae/20220215/Egypt-Real estate-finance-fund-announces-the-conditions-and-papers-required-to book-a-housing-unit-1058663605.html

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Egyptian Prime Minister Mostafa Madbouly announced that the government decided to allow foreigners to own real estate inside the country without being restricted to a specific number, pointing out that the state, within the framework of facilitating the allocation of land to investors, will work to speed up land registration for the investor who does not violate the existing conditions.

The prime minister said, “Previously, the organizing decisions stated that the maximum limit for foreign ownership of real estate is 2 in two different cities.”

And he continued: “There is no specific number, any foreigner who wants to own real estate inside Egypt, the number is open according to controls related to paying the value in free currency, there are no restrictions in the number, and foreigners have the right to own any number of real estate.”

What is the purpose of the decision?

It seems that the main objective of the recent ministerial decision is to attract hard currency and benefit from the real estate wealth that the Egyptian government has worked on during the past years by building new cities and developing neighborhoods that already existed.

In televised statements, Ambassador Nader Saad, spokesman for the Council of Ministers, said that the decisions issued by the Supreme Investment Council include facilitating foreign ownership of real estate.

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He added that “foreigners were facing problems in owning real estate, because the law specified that they own only two real estate as a maximum.”

He pointed out that “this previous situation has no meaning in light of our possession of good real estate wealth,” pointing out that “the state seeks to export the property (sell it to foreigners) to obtain dollar proceeds.”

Egyptian real estate wealth

During the “Real Estate Wealth and Ways of Development and Increased Private Sector Contribution” session at the Egypt Economic Conference 2022, held last October, it was announced that 40 new cities had been launched in recent years, and that they had added 10 trillion pounds (about $500 billion at the time). From assets to the portfolio of the Egyptian state.

Prime Minister Mostafa Madbouly confirmed during the session that Egypt is late in the real estate export file, and said: “We are still far from many countries of the world in selling existing units, although we have a very large volume of real estate at a high and developed level, but we cannot promote it.” To be a source of free currency in Egypt.

At the time, Madbouly indicated that Egypt is fully prepared to take all regulatory decisions that facilitate foreign ownership of units and link them to long-term residencies. .

What does the current law say about foreign ownership?

According to Law No. 230 of 1996 regulating non-Egyptian ownership of built real estate and vacant lands, the right to own property is one of the rights in which the status of a foreigner differs from that of a citizen.

According to the provisions of the law, a foreigner has the right to own two real estate properties, at most, throughout the Republic for the purpose of private housing for him and his family, without prejudice to the right to own real estate necessary to engage in the private activity licensed by the competent Egyptian authorities.

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The law stipulates that the area of ​​each property should not exceed four thousand square meters, and it is prohibited for the property to be considered an antiquity in the Antiquities Protection Law.

The law indicated that the Prime Minister has an exception from the two conditions mentioned in the first and second items in the cases he deems appropriate, and the Council of Ministers may set conditions and rules for ownership in tourist areas and urban communities that he determines.

According to a spokesman for the Council of Ministers, some of the current decisions need legislative amendments in the investment law and other laws, stressing, “We immediately go to the House of Representatives, and we hope that it will adopt these amendments to increase the volume of investments in Egypt.”


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