Egypt considers selling real estate units in US dollars to foreigners and expats.
Egypt is considering selling real estate units in US dollars to foreigners and expatriates in a collaborative initiative with the private sector, according to a Cabinet statement released on Thursday.
Prime Minister Mostafa Madbouly and top-ranking finance and housing officials discussed a new real estate initiative in an extensive meeting. The initiative is expected to be a pivotal source of foreign currency, according to Madbouly.
The meeting attendees underscored the initiative’s potential to improve the performance of the Egyptian Exchange, accelerate the growth of the New Administrative Capital and other new cities, and stimulate the domestic real estate demand. The terms of the initiative were finalized, with Madbouly spearheading the drafting of the first version. The Egyptian government had previously implemented similar initiatives in 2022 and 2023, which facilitated foreigners’ purchase of real estate and imported cars by expatriates without customs duties.
Real estate for sale in Egypt
Egypt is currently facing a severe shortage of US dollars. Around $20 billion of foreign capital has exited the country, attracted by higher interest rates in other markets with tighter monetary policies. In response to the economic challenges, the government announced a plan to raise $191 billion by 2026. The plan involves expanding its IPO program gradually and offering more incentives to foreign investors, such as tax exemptions and golden licenses. Egypt is also working to fulfill its commitments under a $3 billion loan agreement with the IMF. This requires adopting flexible exchange and interest rate policies, following private sector practices, enhancing the private sector’s role in the economy, and speeding up the IPO process.
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