Although, Egypt has not been a primary choice among second home seekers, its geographical location, lower asset prices and sunny climate have made it an investment hotspot for those who need immediate income, long run capital growth and freedom to make quick profits upon reselling their asset. In addition to local nationals, asset market also welcomes overseas buyers. Despite offering great investment opportunities, the real estate sector fails to show expected growth. According to industry analysts, complex purchase process and lengthy mortgage processing are the primary reasons of this market slowdown. Whether being an expat or a local resident, if you are looking to buy a property in Egypt, should consider the following steps to end up with a good deal without wasting time.

How to buy a residential property in Cairo, Egypt

First hire a qualified lawyer

As soon as you step-down in the city, contact with a qualified property investment lawyer. He can better help you throughout the complex multi-step registration process. Once you have chosen a housing unit to purchase, your lawyer will get it reserved for you. He can also help you arrange mortgages, in-case you don’t have enough funds to pay the price.

Don’t delay paying deposit money

However, you have shown your intentions to buy a residential unit, don’t make unnecessary delays to pay the deposit. It is necessary to finalize the reservation process. The amount of deposit mainly depends on the final buying price.

Overseas buyers should apply for visit VISA

Theoretically, there are no restrictions on foreigners to visit Egypt for buying property or Apartments for sale in Cairo. You have to visit the country to sign and process title deed and contracts. Despite being logical, the complexity of the registration process makes it lengthy and time taking that might take several months to be completed. Having considered such issues, foreign buyers are suggested to obtain a visit visa.

Apply for residency VISA

You don’t need to actually apply for a residency visa, if you already have visit visa. You can easily get it transferred into a residency visa for three or five years. Visa renewal is mandatory before expiry. Again, your lawyer will help you in the visa processing. Even though you have obtained a legal permit to stay in Egypt, you need to authorize power-of-attorney to your lawyer, so that he can proceed further in the court on your behalf to finally transfer property ownership on your name.

What are the important legal documents required?

In addition to arranging funds and executing visa requirements, few legal documents are also required to validate the asset purchase. These documents include property tax statement and private purchase contract. Tax statement not only ensures that asset has completed a tax assessment, but also protects the buyer and seller involved in a deal. Whereas, a private purchase contract is essential for obtaining approval from the council of Ministers. The documentation process takes two months. This approval is necessary to further proceed with the final registration process with Egyptian Surveying Authority and Measurement Department.

How to obtain ownership rights?

 Once you have made all the payment and completed all essential documentation, final step is to obtain ownership. You can either choose freehold property ownership or Signature validity. An asset with freehold ownership can be inherited to your family members; even they have not been to Egypt. Property entitlement is available across the country. On the other hand, signature validity is 99-year lease title, which can be obtained in areas like Sharm elSheikh, Sahl Haseeh and Red Sea coastline.

Source for property: http://www.listaproperty.com/sale/egypt/sharm-el-sheikh/

Summary: Whether being local or an overseas buyer, finalizing all the paperwork and making full payments are essentials to obtain a green contract in Egypt.

To get more information on Egypt properties follow the link: http://www.listaproperty.com/sale/egypt/

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