The property Purchase Process of “RESALE PROPERTY”
- A real estate investor wishing to avoid new property and contemplating the purchase of undeveloped land or older, well established resale properties will need to employ a lawyer specializing in real estate law in Egypt to advise on any such purchase to ensure the transaction is conducted legally and that at the end of the property buying process the investor is the legitimate owner of the real estate and can seek to have it registered by the authorities in his name and acquire the deeds to the real estate.
- A foreign property investor purchasing in an "off plan" development now has two options of registration, one of these processes must be adhered to ( see registering property in Egypt).
- Unfortunately, in the past the property registry in Egypt was not kept up to date and is therefore incomplete. It is believed that only 10% of properties in Egypt are actually registered and this can create problems if you are trying to purchase a property that was built more than a few years ago.
- In recent years the Egyptian government has shown a commitment to attracting foreign investment into the real estate sector and therefore the process of property purchase and ownership for foreign nationals as investors is improving all the time and new registration rules have been drawn up