Looking for Property to Buy in Hurghada, Egypt

Hi Lesley,

Welcome to Expat.com!

I have moved your topic on the Hurghada forum for better visibility.

You could maybe tell us a little about you.

I would suggest you to have a look at the Housing in Hurghada section > For sale. You may also post an advert there as well.

Thank you,
Christine

There is a property forum: http://www.webworldproperty.com/forum_topics.asp?FID=9

Hi,

Bare in mind that if you are looking to obtain a resident permit, the property value should be at least 50,000 USD.

Also be aware that the law is changing (if it hasn't done already).

The new rules state that to buy property in this region the property must be 51% owned by an Egyptian National.

To find someone trustworthy to do this with could prove to be quite difficult!!

Hi Biffy,

Where did you get this information? If this law was even discussed would be all over the news.
I don't know who told you this, but perhaps they have mislead you, because rules on 51% can only apply to businesses. No country in the world would devise such rule as it will alt the property market all together. Egypt is in need of foreign currency, they are actually encouraging foreigners to buy properties in south sinai!

The only exception to the rule in in Sharm el Shaikh where foreign nationals are allowed to lease, but not to buy.

Where di you get this information about the 51% from? The 51% concept can only be applied to company formation and share holders, and this actually in UAE, because in Egypt a company can be 100% foreigner owned.

In this law was even been discussed in parliament it would be all over the news, and the gov opposition would have attacked Morsi on this all the time. There is no news about this 51% rule in any news or blogs.

Exactly yesterday I spoke to a senior official in regards to properties etc, and there is no such thing.

Please verify your sources before posting.

This is about property and land ownership in the SINAI: https://docs.google.com/file/d/0Bz4U1E1 … edit?pli=1 what I have heard is that in this decree from the 13 of September the Egyptians with a dual nationality AND foreigners have to sell their property (to Egyptians without dual nationality and both parents Egyptian) or it will taken by the state after six months. Maybe Egyptians on this forum can verify this?

Here is an Ahram article in Arabic about it: http://www.ahram.org.eg/Issues-Views/News/182888.aspx and an translation of this article: https://docs.google.com/document/d/1554 … edit?pli=1

Ok. Perhaps if you read the article you will understand that that decree has nothing to do with foreigners and NO CHANGE in the LAW took place. There seem to be a bit of confusion about geography as well.

1. The decree is pertaining to the SINAI PENINSULA, meaning Sharm el Shaikh.
     Hurghada, El Gouna, MArsa Alam are not located in the Sinai peninsula!!!

2. The rules and regulations pertaining the SINAI PENINSULA are different front he rest of Egypt.
     NO Foreign national is allowed to purchase a property in the SINAI PENINSULA (Sharm el Shaikh,
     Taba, Nuwaba, Dhahab etc) , but he is allowed to leas it. (e.g. 100 years).

3. Some people were bypassing this rule by having both Egyptian and a foreign nationality.
    So the gov, issued a decree to regulate the ownerships of Egyptian families with double
    nationalities. They will have to either give up the foreign nationality or sell the property,
    as according to the gov. was acquired illegally, as NO FOREIGNER is ALLOWED to BUY a
    PROPERTY IN THE SINAI PENINSULA.

This decree does not affect Hurghada, el Gouna, Marsa Alam, who are located on the red sea
NOT Sinai peninsula!!!!

I hope this helps.

erikabrio wrote:

This decree does not affect Hurghada, el Gouna, Marsa Alam, who are located in SOUTH SINAI,
NOT Sinai peninsula!!!!

Hurghada, El Gouna, Marsa Alam are not SOUTH SINAI, but RED SEA. Therefore this decree is not for RED SEA, I wrote SINAI at the top of my comment.

After reading your comment I understand now that as a foreigner you never have owned any property really in the SINAI, so you can't loose it, because you only lease it (I didn't know that it wasn't your property (for 99 years)).

This post was originally about buying a property in Hurghada. Why bringing in Sinai?

erikabrio wrote:

Egypt is in need of foreign currency, they are actually encouraging foreigners to buy properties in south sinai!

The only exception to the rule in in Sharm el Shaikh where foreign nationals are allowed to lease, but not to buy.

You brought it up yourself...

Hi
I got this information from our bank manager - when we enquired about buying a property around this partiular area/coast!

The law is because they are worried that all of these areas / rsorts are going to be owned entirely by Foriegners and they don't want this.

The bank was 100% crystal clear on this - and this was around 2 months ago - so the law may have already come into force.

And yes - Egypt does want investors - but they aren't interested in people buying vills / apartments - they want business investors who are going to boost the economy.

ALso I think you will find that a decree to this effect has already been applied to Sinai (and it was implemented over 2 months ago - and will come into force after the 6 months grace period that elapses in around 4 months!!) -
And why would you find it all over the news?  You are in Egypt - for whatever democratic intentions it has - only what they want to be published - gets published!!. The decree that applies to Sinai actually has been read by a lwayer (info. from another expat forum) and has been verified that they could apply it also in this way I have stated.


'And as for verifying my sources' - I take my bank as a very good source - so I suggest you also check your searches first!!
ANd of course - as for there is 'can only' - they can only do whatever they like - they can bring in whatevr laws they like and and apply them how they like

erikabrio wrote:

Hi Biffy,

Where did you get this information? If this law was even discussed would be all over the news.
I don't know who told you this, but perhaps they have mislead you, because rules on 51% can only apply to businesses. No country in the world would devise such rule as it will alt the property market all together. Egypt is in need of foreign currency, they are actually encouraging foreigners to buy properties in south sinai!

The only exception to the rule in in Sharm el Shaikh where foreign nationals are allowed to lease, but not to buy.

Where di you get this information about the 51% from? The 51% concept can only be applied to company formation and share holders, and this actually in UAE, because in Egypt a company can be 100% foreigner owned.

In this law was even been discussed in parliament it would be all over the news, and the gov opposition would have attacked Morsi on this all the time. There is no news about this 51% rule in any news or blogs.

Exactly yesterday I spoke to a senior official in regards to properties etc, and there is no such thing.

Please verify your sources before posting.

Sorry, but I believe the bank did not want to give you a loan.

They lie all the time. My information come from high level national security.

I would trust that against a bank manager to whom you might have asked a loan.

Don't you think that if all properties on the red sea were to be owned 51% by Egyptians within 6 months, all foreigners would hurry to sell their properties? How come people are buying instead?

Property developers in Hurghada are continuing constructing and advertise their properties aimed at foreigners. Don't you think estate agents, foreign investment companies, and lawyers would advise their clients not to buy on the Red Sea?

Incredibly the only one who knows about 51% ownership rule is that particular bank manager.
It is a little bit difficult to keep such information secret, if this law was even discussed.

Don't you find this a little bit strange?

Let me tell you that they are trying to discourage you to get a loan. Try to ask for a loan to buy a property in cairo, and see if they are going to invent another excuse. Banks in Egypt nowadays do not give out a loan easily. They have been instructed to lie in order to avoid giving loans.

Lying in Egypt is very common even in institutions. Sometime they simply feel ashamed to say no, so they invent something.

You can anyway contact the Egyptian investment authority and ask if such rule exist.
I am sure they are going to laugh. You can also ask a lawyer specialised in properties.

Please do NOT trust bank officials in Egypt and you ought to change bank really.

NB I know several people who recently purchased properties in Hurghada, and they obtained a 5 years residence permit because of that. But they did not need a loan from the bank. The contract has to show 50 K USD at least to get the residence.

This is happening right now.

You can further contact your Embassy to verify the information.

Your agressiveness is very wearing - and to be honest I don't know really who it is directed at?
Is this how you always respond to people who are saying something you disagree with?

NP

I bow to your overwhelming knowledge - and of course take your attack against the bank (not my 'bank manager')
on board.

And Who ever said I was asking for a loan?? I didn't.

And of course 'High Level National Security ' are goiong to tell you the truth the whole truth and nothing but!!! More fool you really.


And just a question if there was such transparency - then how come the decree on Sinai was issued over 2 months ago - very quietly and stealthily - and only now are people becoming aware.

I don't see how my post is aggressive in anyway, but I do think the truth is that you have been lied to and acknowledging this possibility it hurts. The security I mentioned they are my relatives by the way, so I am not the one who is a fool here.

I've nothing against you, dear, I am trying to help you. Do you realise that the people told you that 51% of the property must be owned by an egyptian national are trying to cone you to have the property put in their name?

I don't agree or disagree with what you are saying, the law is not about opinions. When you are not sure about the law you should contact a lawyer, your embassy, the gov. Not a bank manager.

Somebody is trying to put you off from buying a property on the red sea or is trying to own 51% of that property by deception, whether you asked for a loan or not. Please ask a lawyer and your embassy and see what they will reply.

Thank you.

PS. The decree in sinai is pertaining to Egyptian citizens with dual nationality who currently own properties in Sharm el sheikh, Taba, Nuweba, Dhahab. You are not allowed to own any property in the sinai peninsula, nor 49% nor 1%. The rule on a foreigner buying properties on the Red Sea. (E.g. Hurghada is different. You can purchase up to 2 registered properties (Court registration) and unlimited properties with signature registration).

This law has not changed with the sinai decree.

Please contact a lawyer if you are serious about purchasing a property. You could actually test the person who told you about such rule, and tell him you would like to go ahead with the purchase, ask him if he knows anybody who could hold the 51%. If they propose themselves or bring forward somebody who could hold the 51%. Record everything.

Ask for their IDs in order to proceed, then go to the tourist police and have them arrested.

You might be the victim of a scam. Please be careful. The fact the person is a bank manager does not mean he is trustworthy. This is Egypt, not the UK.

It is very common for foreigners to be victim of scams.

Hi
sorry becdasue that is rich - - your replies are very aggressive - to all really.

And I am sure the same as in any organisation - not everyone knows everything!!

And as for being lied too and conned - don't think so -  as some of my relatives are also Eyptian!!  SO it doesn't really apply to me at all - it was for informational purposes - and sorry - but we have done business and personal banking with this bank for quite some time ansd haave no reason to distrust their information.

I am sure they have been given instructions / guielines / notices on the law also!!

Anyway it will come out one way or another - and ne of us will be remembering this trhead with a fondness!!

I don't see how you are describing me to be aggressive 'to all', where does this come from?

What is really happening sometime in the forum, is that people don't like to hear the truth.
They insist on their ways without investigating information being given.

Having Egyptian relatives or having done some banking this country, it does not mean that one is immune to scams, that often come from those who are actually close.

When evaluating a source of information, one should look at what expertise and rank the person is holding, and if it is specific to the area of information we require. Does the person have any motives to give a false information?

If we are talking about property law, what has a bank manager to do with this? He might of course know about mortgages, but cannot be taken as a SOLE source of information, regarding a topic that looks somehow controversial. 51% of a property? When someone hears something that is weird and against the logic of law and market, most of the time it is an indication that something is not right.

After I asked those in authority who enforce the law in this country, they told me if any foreigner is told that should give up 51% of his property on the red sea, or put in the property in somebody else name, to call the police.

While I try to report information, you seem taking things personal. As I said before I have nothing against you. But all I fear is  that you have been mislead, but you seem trusting this bank manager blindly without enquiring from other sources that might be more competent, regarding property law.

It does not take much to send an email to a lawyer, your embassy, or an international property investment firm (based abroad) asking about the new rule you have been told to.

My advice is to seek more sources of information, if you are serious about purchasing a property on the red sea. Though you think I am attacking you, I am trying to help you, that is it.

This is a forum to exchange facts and useful information, about life abroad and sometime law as well. I don't now why sometime people get upset if they are told an information that differ from what they have been given. It is not a challenge about who is right or wrong, and we are not children I believe. But I hope you will be wise enough to verify this information, for your own sake.

Peace.

Hi,

Could you guys please calm down here?

Thanks
Armand

[Moderated: No free ad on the forum]

Hi sorry but I have to join in here, I am a member of the legal profession and at the moment the law DOES NOT apply to Hurghada.  Only buy property from the original owner, as there are lots of scams going on.  I have lived in Egypt for over 30 years and could write a book on the number of lies that I have been told. I suggest that you use a lawyer that is recommended on your country's embassy web  site, the reason for this is that in Egypt anyone can call themselves a lawyer without any formal qualifications.

If you want to come to Hurghada I am happy to show you around [and share some of my experience for free!] but you need to know what your budget is as the properties vary from luxury on the beach to 'about to fall down huts'.

Hello Lesley
My name is Sameh Nasr, I rode your message for property in Hurghada, please let me know, if the property must be beach front or can be in small property with sea view.
thanks
Sameh

Hi Lesley , if you need any accurate info please contact me to my mail , [email protected] , Samer

Hi Samer > you can give some useful info on the forum so that everyone can benefit from it.

Thank you.

hi guys., i don't know where did you got this all infos of 51% and so on. the new law in egypt does not make any new rules for the foreigners. the foreigners can own and buy prob. in Egypt without any need of any Egyptian partners.  vise verse it made the taxes for both Egyptian & foreigners the same with no difference at all. and im  an Egyptian living in Hurghada % working in the real-state . so i know the rules. please do not make things up.