Despite the stabilization of the economic growth of the real estate sector in Egypt; the housing units’ prices are falling.
For the past couple of years, the possibility of moving money abroad freely reduced the attraction to real estate.
Surprisingly, the Egyptian housing market is widely on the rise and is expected to stay increasing during the coming years especially with the high-end construction efforts with the emergence of new cities.
Considering the situation from the point of view of an A-class citizen, the Egyptian property has suddenly become very attractive and less expensive in comparison with abroad prices. On the other hand, those of B and C Classes; the decline in prices makes them more affordable and suitable for investment purposes.
It also comes simultaneously with the governmental implementation of numerous reforms including the Value-Added tax (VAT) introduction, Amendment of Egypt’s Investment Law, abolishment of the ‘Priority list’ for imports by the Central Bank of Egypt (CBE), and the extension time and day limits during which banks are allowed to execute and exchange foreign currencies.
Also, for foreigners, and according to Law no 230 of 1996; they can buy more than two properties which combined can not be of more than 4,000 square meters, and they also are not to be sold or rented for five years, and must be for family purposes.