Russians wishing to buy property in Egypt warned: prices will skyrocket soon

Russians who want to buy property in Egypt have been warned: prices will skyrocket soon

Apartments in Egypt will soon follow those in Turkey – prices are expected to skyrocket. This news scared – including Russian citizens who want to “sit out” in the country's turbulent times, a high government official, the chairman of the Real Estate Development Chamber of the Federation of Egyptian Industry (FEI) Tarek Shukri. He said that he expects a new increase in real estate prices on the market by 15-20%.

The reason is the financial crisis in the country, and the rise in prices for cement and iron – which amounted to 40%, and problems in Egyptian developers in connection with this situation. In addition, imported goods, such as elevators, have skyrocketed in price, while the Egyptian pound continues to depreciate and the dollar continues to appreciate.

Russian “fugitives” are not yet considered a significant factor. Recall that in Turkey, where it is easier to get there, their requests have already raised the price of real estate several times. Read the details here.

Nevertheless, expert bloggers publish answers to the question of how Russians can buy an apartment in an Egyptian resort. The tips and places named by the blogger on the Yandex.Zen channel are as follows. The first news is good: to start the process of buying property in Hurghada and Sharm, “nothing is needed except a valid passport.” “Usually, foreigners turn to agencies that specialize in working with Russian-speaking clients – they are advised there on all issues. The purchase involves the participation of a realtor and a lawyer,” says the expert. Prices for which you can still count in Hurghada start from 15-20 thousand dollars, in Sharm – from 20 thousand, but there is a nuance – in Sinai, an apartment is formally taken on a long-term lease – for 99 years with the possibility of extension. So the deals circumvent the law that local land cannot be sold to foreigners.

“When buying, a “taukil” is issued – a power of attorney for the full right to dispose of property. Taukil with a formalized contract of sale means the transfer of ownership. But the most 100% option is the execution of the so-called green contract for real estate,” the blogger adds.

He then lists the “pitfalls” – first of all, you need to “take a serious approach to choosing an agency and check all documents “. There are many scammers, to prove something is “troublesome and expensive.” Also, after making a deal in Egypt, it is important to re-register all counters in your name.

“Housing of a higher level is located in compounds, that is, protected closed areas with a territory and pools. For Egypt, this is a big plus, especially for families with children, since there are no free playgrounds near the house. But the compounds have their own rules (in some, for example, they may not be allowed to keep dogs). And, of course, housing there is more expensive,” the expert also noted.

Further, he added from practice, listing the main areas where expats live. “In Hurghada, the majority of foreigners lived in the Mubarek 2, Kyauser, Mubarek 5 districts, as well as in the Sheraton, Sheri or Mederes street area. But newer areas were actively built up and settled – Arabia, Intercontinental, etc. Compounds Delta Sharm, Rabwa, Santerra, Sunny Lakes, Riviera, Royal Oasis and others are very popular in Sharm. If not a compound, then they mostly live in Hadab, Hainur or more remote Nabq,” the blogger said.

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