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Egypt

About Egypt

Egypt is a country in North Africa and is best known in the west for its ancient civilisation and its historic sites. Buyers looking for a holiday home in the sun are drawn to the various seaside resorts that lie along its Mediterranean and Red Sea coastlines. The price of property in Egypt is increasingly attracting overseas investors as well as holidaymakers and in some Red Sea resort areas, you can purchase a property in a new development for as little as £25,000/€28,000.

About Egypt

Capital: Cairo
Currency: Egyptian Pound
Language: Arabic

Egypt is a country in North Africa and is best known in the west for its ancient civilisation and its historic sites. It also has a strong international community of expat workers who are typically based around its capital Cairo. However, those looking for a holiday home in the sun are drawn to its various seaside resorts that lie along its Mediterranean and Red Sea coastlines. There are international airports in Cairo and at the popular resorts of Sharm el-Sheikh and Hurghada.

Egypt predominantly has a desert climate and a desert landscape, with only the great Nile river bringing swathes of green. The coastal areas are slightly cooler and the only places to receive rainfall. Winters are mild, whilst the temperatures in summer soar, as might be expected.

Overseas buyers will need to check what visas are required for specific periods of stay in Egypt and for property purchases. It is also important to appoint a good lawyer who is completely independent of anybody else involved in the transaction before signing any contracts, which must by law be bilingual.

Egyptian economy

The cost of living in Egypt is low by Western standards, although it is higher than some other countries in the Middle East. Expats will find that accommodation prices vary according to area and of course, the size and quality of accommodation. Living in large cities will generally push prices up, while living in smaller towns or rural areas will find lower them. Health insurance is advisable, as healthcare for foreigners tends to be in private hospitals and clinics.

Egyptian culture

Egypt is predominantly Sunni Muslim with a small Coptic Christian population, therefore foreigners should be mindful of Muslim conventions, both religious and social. Having said that, the rules here are much more relaxed than in some other Muslim countries. There are many customs to learn for the westerner, including appropriate behaviour, gifts and dress if you are invited to an Egyptian’s house for dinner. For example, don’t take flowers; take chocolates or pastries.

Location and price

Overseas investors should have no problem finding suitable properties in Egypt; in Cairo for example, options range from simple studios to fully furnished apartments and large villas. The price of property in Egypt is increasingly attracting overseas investors as well as holidaymakers and in some Red Sea resort areas, you can purchase a property in a new development for as little as £25,000/€28,000. The most popular places for foreign buyers are Hurghada and Sharm el-Sheikh on what is known as the Red Sea Riviera. There are several new property developments appearing here and as many are priced in Egyptian Pounds, European buyers can take advantage of great exchange rates. The focus is on building gated communities near to shopping malls that cater for the needs of overseas residents. Buyers may find that there are different purchasing regulations according to the location where the property sits – Sharm el-Sheikh and Hurghada are examples a special purchase procedure.

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