f.a.q
Is it true that foreigners can purchase properties only in leasehold in Sharm El Sheikh?
Yes it is correct, in the South Sinai governatorate to which Sharm El Sheikh belongs foreigners can mainly buy in leasehold for 50 years renewable.
And what does it involve? For further info jump to ENQUIRE
Is it possible to entitle a contract of purchase in 2 names or more than 2?
Yes you can do it but don’t forget that when you decide to resell it all the owners on the contract should be present at the same time to sign the sale unless the absent owner/s signs a power of attorney in favour of the other/s.
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Is it possible to buy a property and entitle the contract in the name of my child under age?
Yes you can do it but he/she must have a valid passport and you need to attach some documents.
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Is it possible to sell a property located in Sharm El Sheikh without coming to Egypt?
Yes it is possible, you need to sign a power of attorney in your country in favour of someone present in Egypt with a valid passport.
What should be written inside and how long does it take?
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Can a foreigner inherit a property in Sharm El Sheikh?
The law about inheritance for foreigners in South Sinai to which Sharm El Sheikh belongs is not automatic so you need legal assistance to make it happen once the time comes.
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Can I buy an apartment and then put it for rent when I don’t use it?
Yes you can do it and we will take care of managing the rent on your behalf, that’s called property management.
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What’s the average return on investment nowadays in Egypt?
At the present time the return on investment net of the annual fees is around 10% per year.
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How much should I pay for the maintenance and services in the Resort?
Actually the maintenance fees can be of 2 types: annual fees accounted with an yearly increase and life time maintenance fees which are paid only once at the purchase of the property.
Which solution is better?
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Are there any real estate taxes to pay for real estate properties in Sharm El Sheikh?
Yes there are annual real estate taxes that can be paid in person or by delegated person at the real estate office in Sharm El Sheikh. If you don’t know how to do it we can assist you in the real estate taxes payment.
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Do the counters of water and electricity in Sharm El Sheikh belong to the owners or to the Resort?
Normally the water counter is in the name of the Resort and name can’t be changed. You can change the name and pass to government pre-paid electricity counter following a specific procedure. If you don’t know how to do it we can assist you.
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Can a foreigner open a bank account in Egypt?
Yes you can, you just need a valid passport and some documents required by the bank: proof of address in your original country, proof of income, statement of your bank in your country.
How long does it take to open a bank account?
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