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Concerning the legal matters for investing and owning any kind of property in sharm el sheikh is quite simple and clear .
Since the beginning of 2004 , the Egyptian government has opened the market for foreign investors to buy and own properties in Egypt .
In addition , there are no taxes applied on properties .
the simple steps start from writing the contract , registering , paying the registration fees and the property is in your ownership on the country foreign investors are only allowed to own properties that are less than 5000 sqm in size otherwise they must merge with an Egyptian partner .
RED SEA Real Estate Sharm is fully aware and knowledgeable of all regulations and legal issues accompany your investment .
I ts team will guide you , through all procedures to assure and guarantee your total investment satisfaction .
law & regulations
Speed & Alcohol control regulations enforced .
Crime
Extremely low crime rate . sharm was awarded the city of peace title by the unesco
legal advices:
Frequently asked questions about buying a property in Egypt:
1-What are the potential problems of buying property in Egypt?
The property registry in Egypt is out of date and incomplete, and many believe that only 10% of the properties in Egypt are actually registered. Naturally this can create a problem for the property investor. However resorts like Sharm El Sheikh are far more geared up to the international property market. Further more, those considering investing in property in Sharm El Sheikh would be wise to do so through an established and reputable estate agent.
2-Will I need a local lawyer?
In a country where real estate registration issues are as complex as in Egypt, it is really critical to have a lawyer conduct search and to advise on the legality of the purchase, even if you are buying a brand new property from a well established developer, who can register only after the project is completely built through a document called Dedication Resolution
3- Will I be able to mortgage?
Local mortgages are almost impossible to obtain, so you will need to fund the purchases yourself or via same country mortgage. All the Off Plan properties with strong reputable developers are INTEREST FREE and financed for a minimum average 3 years.
Advantages of buying property in Sharm El Sheikh:
- Tax breaks (no stamp duty)
- No capital gain tax on resale
- No sales tax
- Low death succession duty 7% (to transfer property ownership)
- Tax benefits (extremely low taxes)
- Banks: easy to open accounts and to transfer funds
- 0% tax on bank interest.
What every home buyer should know before investing in Egypt:
According to the Prime minister declaration Number 548 dated 5 April 2005 there is no property ownership for foreigners in the Sharm El Sheikh area. It is a 99 years lease hold and enforced. For verification you can contact us for appropriate documentation.
Process for registration of 99 years lease hold at El Tur city (3 to 6 months):
1-Present the documents at the register office at El Tur City.
2-The register office sends the documents to Cairo central registration office for foreigners
3-After verification they send the documents back to El Tur City.
4-Documents are stamped.
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Legel Office
