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Would you invest in property in Egypt?

Quite a lot of people have bought property where I live in Luxor, many are now regretting this too, many have just locked their property up and gone home hoping that better days will arrive before their lives end. Many want to leave but cannot because the property market has no buyers.
But some have only just worked it out that they have invested money on a very unsafe footing, ie. They are only here on a tourist visa which can be terminated at anytime without giving a reason.

Do forum members feel that investors should ha e the right to a 5 year temporary residents visa? Would it be better to rent than invest in Egypt, considering purchasing property provides work when it is built, and work for locals keeping it clean.

Hi chocolate eclair, I was under the impression one gets a long term visa when one purchases a property giving the buyer a sense of security.
I personally would rent as I feel it will give me easy access to come and go. But then again others feel renting is like money down the drain. So i guess its an individual decision.
Are you renting in Luxor and what is the rent like there?

MissMass, I built my own villa, but even so cannot get a 5. Year visa, only a 1year tourist visa. At this moment of time I am in Australia on holiday for two months and I am really considering my options. Here I can get a temp. Residents Visa, for 10 years on the purchase of property and guaranteed renewal if I keep the right side of the law, ie no imprisonment. My thoughts at the moment are, boarding my villa up, there is no sales market, cutting my losses, and moving somewhere a little more secure for my investment.

Rents in Luxor can vary, from 1000le per month for a dirt floor Adobe house to around 4000le per month for a fully furnished all singing all dancing modern home.
The other problem is local people are charging Europeans 3 times what they would pay for land and buildings, many have built in the past 4 years, on government land, on Nile flood plains, many without papers etc, and all to sell to Europeans. Building control in Luxor is totally out of control. If you come to Luxor the biggest laugh is the young boys of 18-25 with European pension age women all trying to drain them dry of cash, all wanting to get married by Orfi Certificate, or what we call in Luxor Sex Certificate.

There of course is the other problem, living on a tourist visa, the Banks are useless, if you want to expand or get help with a business, purchase a vehicle etc, don't look to the .bank they are not wiling to help without a residents visa.

Oh chocolate eclair that last sentence is just sooo funny. Amazing how us women are so gullible especially since there are endless stories of women duped into relationships in newspapers in England.
So sorry to hear about your experience. Like you I have been looking at countries where I could settle and have stabiliy and peace of mind. Many countries require a lot of cash in order to get a residence visa.
Malaysia interested me quite a bit but they ask for ridiculous amount to invest.
Next I looked at the Middle East,  Bahrain in particular because I had previously lived there. Again I would need a lot of money.
Egypt is one country that makes it that little bit easier to live in but I know I will need lots of patience. You are right about foreigners being taken advantage of, I've experienced it and everytime it happens I question myself at the wisdom of my decision.
Presently I'm also looking at Turkey to see what they have to offer in terms of residence visas and how much investment is needed.
Right now I'm just plodding along and giving myself a bit of time.

right now i don't think i would

Hi Jamessssssssss, to be honest I don't think I would want to either. Plenty of other places where there is stability.

Probably not so much the stability, more likely the security. I do find it hard to understand why people are made to live on Tourist Visa's when they have put money into the place. It would not be so bad if you were made to live here 5 years and then be in a position to apply for a Residents Visa, temporary or not.

I have both a Canadian/Egyptian nationality, so I do believe I know a little bit about
how things happen here.
I am thinking of buying real-estate here only to get rid of the Egyptian currency
I have already, to hedge against the depreciation of the Egyptian pound.
In my opinion real estate would be safer to keep  at the moment .  Other than the case I have mentioned above renting would be the best way to go.

Hi Chocolate Eclair:
I may know what you are talk about. as i may help you in case you want about your villa.
you may contact with me after you cam back if you wish.
thanks.

Hi I have already invested in Property in Luxor, but now want to sell it, can you help in that way?

Choccy

send me the information about it and i will see. :)

Are you a property agent Sam777 if you are can you you give me the link to your website so I can look please.

no iam not agent but interested....

My 2¢. Investing in property in Egypt is never a bad thing as demand is always real and the egyptian real estate market has never went into a bubble phase. Couple that with banks not financing property (or anything in that matter) and you get a solid cash based, real demand market. Appreciation of property has been going steady with all the political turmoil the country is facing.
Now the topic is specifcally addressing the luxor market which is a tourist market that has taken the majority of the blow. This market will only stabilize when tourists numbers are brought up to its original numbers.
Statistics show that we are getting there steadily with all the reforms being implemented. But tourism is a lagging market. My advice is to Hold on, give it sometime. Forcasts are showing lots of promise in the very near future. Cairo hotels this summer are jam packed if we project the same stength till the end of the year we should see a very strong winter season in luxor.

Lets hope so Scot

Chocolate Eclair :

Lets hope so Scot

Out of cruiosity are using your property as a vacation rental or as a private residence.

I have invested in couple of properties in Hurghada as my holiday homes. I do not regret it cos things do change over time - just be patient. There is an old saying --- Rome was not built in a day.
No one going to make quick money on properties anywhere, it just takes time like any other business, unless your a very lucky and a charming person.
The only thing I did not like was and still do not like is the tourist visa, having invested in two properties, I think I should have had multiple visas to enter and leave Egypt as and when I need to or wish to. Also, a temporary visa for at least 5 / 10 years. But I never stayed in Hurghada for more than 4 months and I do not intend to at the moment. I find it very peaceful and happy living in Hurghada, and people are friendly too. Look at what happened to the marriage law from another forum:

yes you can you just need a lawyer to do  the contract, and to register it with the government and that is it...... just remember if you are a woman you can get citizenship from your husband but if you are a man then you will have to get a visa every 3 to 6 months, the laws were changed March 1 2017

We, as tourists, need to write to the Government offices in Cairo to extend our visa commitments  they will listen and will act upon, when there is a majority,
I have researched all the other countries mentioned above, they are very expensive to invest in and there is also no security too.

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