Egypt is an interesting country with a rich thousand-year history. The problem of overpopulation of the capital of Egypt - Cairo - prompted local authorities to start large-scale projects to build not only new housing in Egypt, but even entire new cities. They have become a mecca for foreign real estate investors.
Features of new housing in Egypt
Real estate in Egypt from the developer is distinguished by its good adaptability to the local climate. Most often, climate control systems or central air conditioning systems are found in the properties, but not only. They are also characterized by:
- Affordable cost. Prices for new buildings in Egypt are lower than in other popular tourist countries such as the UAE.
- Tourist attractiveness. Properties are often located either on the Mediterranean or on the Red Sea coast. Such housing is in demand among tourists, which means it will allow you to earn money on rent.
- Flexible purchase terms. Egyptian developers provide properties at a discount or under a preferential lending system at the early stages of construction.
Cost of new housing in Egypt
Prices for new buildings in Egypt depends on the specific location of construction. Real estate in the resort cities of Hurghada or Sharm el-Sheikh is more expensive due to increased demand. In developing areas, prices are not much lower, but you can also find budget options.
Average cost of new housing in Egypt:
| City |
Average price per sq.m (USD) |
| Cairo | 1200–1500 |
| New Cairo | 1000–2000 |
| Sheikh Zayed | 1500–2500 |
| Alexandria | 1000–2200 |
Nuances of investing in real estate from a developer in Egypt
Buying properties in a residential complex in Egypt is fairly standard, but not without nuances. For example, foreigners who want to buy housing on the Sinai Peninsula can only issue a 99-year lease. This is not much different from full ownership, but requires the approval of any actions concerning the property with the landlord. In the African part of the country, foreigners are allowed to buy no more than two properties up to 4,000 sq.m each.
For foreigners, buying a property in Egypt also opens up the possibility of obtaining a resident visa for up to 5 years, and with investments of $300,000 or more – even citizenship.
Popular cities for purchasing residential complex in Egypt from developer
Egypt offers many attractive places to buy real estate. But Cairo is not among them, since the local real estate market is heavily overloaded. The authorities decided not to pay much attention to the capital, but built New Cairo, which slightly eased the situation in the capital. According to the same logic, the New Administrative Capital (temporary name) has been built since 2015. It is designed for 5 million residents, but due to high prices, it has not gained much popularity among the middle class.
- Hurghada. This resort on the Red Sea is the leader in the number of offers from developers. Here you can find affordable apartments and villas with sea views. The city attracts with its mild climate and developed infrastructure.
- Sharm el-Sheikh. Situated on the Sinai Peninsula, this city is popular among beach lovers. Residential complexes in Egypt here often include premium amenities such as private beaches.
- El Gouna. A small, upscale resort known for its canals and cozy atmosphere. Suitable for those looking for exclusive accommodation.
