Best Egypt Real Estates in 2023

Further, the current practice is that major developers do not impose resale assignment fees on owners or include them in contractual arrangements. However, a seller of a property shall be subject to a real estate disposal tax, and a buyer may be subject to paying a unit’s maintenance fees if imposed by a developer. Gulf interest in the Egyptian real estate market due to continuing increase in demand for housing units represents a positive factor in enhancing the attractiveness of real estate investments. According to the source, the data on residential units includes projects which have fully finished units of apartments and villas for sale.
Egypt’s property developers have suspended sales as the market feels the pinch of a stronger dollar and the higher cost of building materials. The local real estate market is going through what analysts describe as repricing, citing high world prices of energy, freight and global economic uncertainty. The way the real estate market operates in Cairo Egypt real estate is a bit different from most places. However, a common way for people to hunt for deals is to go around to the specific buildings they like and ask the men who work in these buildings if there are any apartments for sale. Typically, most building have an older man sitting on a chair who takes care of maintenance, and helping people in the building.

The problematic information asymmetry and public sentiment of real estate properties as an investment and a social requirement have together led to irrational exuberance. As explained by Shiller , irrational exuberance, in this case, is the amplification of demand for real estate properties in Egypt despite doubts about the real value of the investment, especially during a turbulent economic state. Buyers of real estate properties are not looking for relocation or upgrade, but instead, they are evoked by the high return promise and social status. With limited investment options and information, Egyptian lower and middle-class families rely on real estate properties to preserve wealth.
High interest rates were supposed to encourage savings as deposit accounts  yield a high return. The policy is also aimed to discourage borrowing as a way to decrease aggregate demand and slow down the high prices. View the highest rated Real Estate companies hiring near you in Cairo, Egypt, then check out their Glassdoor profile to read employee reviews and find information on benefits, salaries, and job openings.

Mostly they advertise abundant enclosed residential compounds that bring together upper social class families.  The ads show families that are happily gathering or a married couple being able to raise their children in a safe environment. Smart city development coupled with ongoing political, security, and economic stability have turned the eyes of investors, both Arab and foreign, to Egypt’s administrative capital. The city operates as a safe haven for foreign and Gulf countries to invest in, where investments in residential and commercial real estate projects are proving highly profitable. The overall situation of Egypt’s commercial real estate sector encourages investment in the market, given the ongoing development, construction of 20 new cities, and development of 23 existing ones.
This article is part two of another article which you shoud read first “8 reasons why Egypt is poised for strong growth“. In a nutshell, painful economic reforms, a focus on growth, a new political and economic model, a reformed energy sector and good results all point towards a growing economy. CENTURY 21®, the CENTURY 21 Logo and C21® are service marks owned by Century 21 Real Estate LLC. Century 21 Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Listing information is deemed reliable but not guaranteed accurate. All those require specific skills which are not the focus of most real estate developers in Egypt at present,” Shalaby concludes. For example, Alexandria became overcrowded; thus an extension to Borg El Arab city has been made within the past two years and only a few number of citizens have relocated to the new city due to the lack of facilities and services,” he explains.
The ownership of property in some areas of Egypt is restricted for all regardless of nationality. Ownership of land in these areas is limited to Egyptian government in order to protect the interests of the country. The terms of property ownership vary according to the nature and location of the property. The type of land and proximity of the land from the country’s borders determine which laws apply and these laws in certain instances restrict ownership.

I wouldn’t touch any of the 1970s-1980s buildings with a ten-foot pole. The city of Cairo, excluding the new coumpound-living cities which encircle Cairo, has a housing stock of extremely poor quality. Think Eastern European blocks of the 1960s, in worse quality and much dirtier. “Development of other specific areas in real estate would require improvement…including skills to develop hospitals or clinics to standards, manufacturing plants, schools and universities to name just a few.
Read more about the property management and how can you benefit from our services. According to data compiled by MSCI, foreign dealmakers account for 57% of property investment in London during 2023, compared to 65% in 2015. In 2022, around 200 keys were added, taking the capital’s total hotel stock to approximately 28,000 keys. Cairo is also on track to see the completion of 900 hotel keys in 2023. Zoom-meetings, online visits to considered objects, best real estate websites in Egypt – nothing is impossible nowadays.