PRACTICE AREAS
Real Estate
Egypt’s real estate sector continues to witness new developments in urban planning as the government progresses with its plans to establish 20 new cities to accommodate 30 million residents. As part of this initiative a New Cairo capital city is located 35 KM east of Cairo with a total area of 170,000 acre. The new capital city lies between the regional ring road, the Cairo-Suez road and Cairo-El Ain El Sokhna road, and will help to strengthen and diversify the country’s economic potential by creating new places to live, work and visit. On the Mediterranean Sea, the New Alamein City is located in the North Coast and is set to be the first of its kind in the area.
In order to facilitate such development, the Egyptian legislature decided to modernize the legislative framework by implementing Law No. 230 of the year 1996, and issuing the Minster of Interior decision No. 828 of the year 2017. Pursuant to this legislation, a residency permit for one year will be granted to foreigners who acquire property worth $100,000. The duration of the resident permit increases gradually according to the amount of money invested: 3 years residency permit for a property worth $200,000 and 5 years residency permit for a property worth $400,000.
Through a dedicated team, we provide our clients with a comprehensive service to assist in acquiring real estate in Egypt and to maintain it according to their needs. Our team is specialized in negotiating, drafting, and reviewing purchase contracts. We also advise our clients regarding the different financial options for purchasing real estate whether by mortgage, cash payment, or other forms of financing. Moreover, we assist our clients with their investment plans whether by drafting lease contracts or by providing legal assistance in effecting property sales. Finally, we advise our clients on tax matters and the different administrative procedures relating to real estate.
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