5 tips for buying your first property in Egypt

15 Jul 2021 Makan Real Estate 0

With property prices increasing rapidly in the past few years, many investors are looking to find a property they can call their own. In Egypt buying property is not an easy task for anyone – foreigners or citizens. Owning property is hard but there are some things you need to do in order to make it as smooth and easy as possible:

Follow our property guide to make your property dreams a reality:

1- Research

Research property titles. By far, the easiest way to identify fraudulent property transactions is to research property titles using a property registry database. This will help you improve chances of buying a property that has not been reported as stolen or lost by its rightful owners, and therefore give you much more peace of mind while completing all the legal procedures during your real estate transaction.

2- Hire a lawyer

Get an Egyptian lawyer for your property purchase. Although there are some English speaking lawyers in Egypt , it is strongly recommended to get one that speaks Arabic and follows Egyptian law when closing on any kind of property transaction with government entities or individuals in Egypt

3- Register

Register your residency within 14 days. Once you have found a property, which is suitable for you and approved your property’s financial and legal situation with your lawyer, you must register your property purchase within the first 14 days at your nearest Rent Control Authority office.

4- Pay taxes

Prepare to pay over property value in taxes and fees. It is important that you hire a property tax accountant right after closing on any real estate property transaction in Egypt , as it will help you estimate how much of an additional percentage of ownership cost should be added to cover property transfer fees (8%), stamp duty (4%), plus other taxes such as maintenance fees if applicable.