How much are the agency fees when I purchase a property?
No fees if the property you are buying is directly from the developer.
1.5% of the purchase price if the property you are buying is a resale.
How much are the agency fees when I sell a property?
2.5% of the selling price.
How much are the agency fees when I rent a property?
One month’s rent.
Are the properties in Egypt freehold or leasehold?
One month’s rent.
Can I sell my property at any time?
Yes, depending on the developer’s contract.
Are mortgages available?
Yes, only if the property is ready and the land has been transferred fully to the owner by the ministry of housing and development.
What are the required documents when applying for a mortgage?
Title deed of registered property.
Copy of National ID or Passport.
Proof of Employee Income: A Human Resources letter and a pay slip from the company that you are working at.
Proof of Entrepreneur Income: Tax return from Tax Authority defining your income over the previous three years.
Any other proven income acceptable to the relevant authorities.
Is there property tax?
Yes, depending on the price of the property. Property owners are exempted of paying taxes if the property value is lesser than 500,000 EGP.
How do I pay tax on rental income?
It is advisable to contact a local real estate company or an Egyptian lawyer to help in this matter. Foreigner’s income is taxed at 20% but when renting out a second home, there are many advantages and deductions that can be made; therefore the amount paid is usually very small.
Is there any Capital Gains Tax or V.A.T?
Is there any Inheritance Tax?
What type of running costs should the buyer expect?
Apart from the annual Real Estate tax and the annual maintenance fees mentioned in the contract, there will be utility (water & electricity) charges.
How much will the building & contents insurance cost?
Depending on the size and finishing’s of the property.
What are European Designs & Finishings?
European Designs & Finishings include: polished ceramic floors, tiling in kitchen and bathrooms, windows and doors installed, all electrical installations, pre-installation for digital TV platforms as well as sockets for telephone, television and data lines, Fitted kitchen with base units, stainless steel sink, granite/marble worktops and mixer taps, and bathroom sanitary fittings in white porcelain (toilets, sinks, baths or showers) with mixer taps.
What are Egyptian Designs & Finishings?
Normally in Egypt a new build property is sold either as finished or semi finished. Semi finished means doors and windows are not installed, walls and floors are not finished, and kitchens and bathrooms are not equipped.
Finished means doors and windows are installed, walls and floors are finished, and bathrooms are equipped with sanitary fittings. However, kitchens only have a sink and taps, no cupboards or work surfaces and Air Condition is not installed.
If I am a foreigner, could my family inherit my property?
Yes, but it is advisable to have an Egyptian will, to ensure smooth transition of ownership.
If I am a foreigner, do I need to become a resident of Egypt to buy a property?
Yes, you have to obtain a residents visa, so that you can open a bank account. It is advisable to give an Egyptian lawyer a power of attorney to register your property in court.
If I am living abroad, how could I pay my property bills in Egypt?
Some banks like HSBC have internet banking, so transferring money is simple. You could use a real estate company that offers property management that will look after all your payments for a fee.
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