Real Estate Market In Egypt
If you are considering investing in real estate in Egypt you are certainly thinking about legal regulations.
The first question you would ask is for sure are building permits and how safe is it to invest?
The first document you should know about is GREEN CONTRACT.
1- The ownership in Egyptian law is only transferred officially from seller to buyer through registration procedures.
2- Registration protects the buyer from mortgage procedures if the seller takes a loan from a bank.
3- Registration protects the buyer from administration arrest from any governmental authority such as tax authority,
in case problems arise between the developer and this authority.
4- Registration protect the buyer from any 2nd sale for the same apartment,
the seller can make several Power of attorney for the same apartment for several buyers but the registration contract can’t make for more than one person.
5- The buyer will take the official contract stamped and registered by the notary public,
which will be the official title of the deed, as the strongest document buyer can have in his hand.
6- The registration contract will reflect the exact square meter for the apartment,
the exact share of the apartment on the land, and the exact share of the apartment in the common areas in the building.
The Egyptian government has taken strict measures against those who started construction without a building permit, but also against those who do not have a land permit.
Strict measures have been set and many developers who illegally build additional facilities, additional floors, or garages have been punished.
This is good news that everything is in line with the law and construction laws of this country.
New state measures are also announced that new building permits will be much more difficult to issue and that additional conditions will be set for developers when it comes to building construction.
Namely, new legal regulations will be adopted soon,
and it will mean that every new building will have to have a garage belonging to each apartment.
Such legal regulations will certainly mean safer construction, but also higher apartment prices.
Take advantage of the holiday euphoria, book your new home at a lower price and buy only real estate with Green Contract.
Hurghadians Property has its legal service. Consulting service for ownership documents, tracing the ownership sequence, and solving problems with governmental offices.