Legal Advice - Buying Property in Sharm El Sheikh
Process for registration at El Tur/Sharm El Sheikh city (6 to 9 months):
A- What are the potential problems of buying property in Egypt?The property registry in Egypt is out of date and incomplete, and many believe that only 10% of the properties in Egypt are actually registered. Naturally this can create a problem for the property investor. However resorts like Sharm El Sheikh are far more geared up to the international property market. Further more, those considering investing in property in Sharm El Sheikh would be wise to do so through an established and reputable estate agent.
B- Will I need a local lawyer?In a country where real estate registration issues are as complex as in Egypt, it is really critical to have a lawyer conduct search and to advise on the legality of the purchase, even if you are buying a brand new property from a well established developer, who can register only after the project is completely built through a document called Dedication Resolution (Karar Takhsees).with Sharm Property Consultant we have prepaid a full Due Diligence reports Through a specialist solicitor secure our clients investments.
C- Will I be able to mortgage?Local mortgages are almost impossible to obtain, so you will need to fund the purchases yourself or via same country mortgage. All the Off Plan properties with strong reputable developers are INTEREST FREE and financed for a minimum average 3 years.
There is no restriction on selling before completion naturally, you need to be prepared to wait for the property to be completed before you can move in.
Sharm Property Consultant customer care team will keep you updated on the progress of your property at all times. There’s always a Sharm Property Consultant representative to answer your questions.
There is no restriction on selling properties before completion except it is stated in the sale contract.
If you intend to sell on before completion rather than move in yourself or let the property, don’t overstretch yourself – just in case you eventually decide not to sell off-plan and end up keeping the property.
Embassy of Egypt:26 South Street, London W1K 1DWTel.: +44 20 74993304/2401www.egypt.embassyhomepage.com
British Embassy Cairo7 Ahmed Ragheb StreetGarden City, Cairo:Tel.: +2 (02) 2791 6000www.britishembassy.gov.uk/egypt[email protected]
Clause 13:Possibility with an order from the board members of Sinai after the acceptance of the Ministry of Defense, Interior, Intelligence the following:A) Egyptian and foreigner individuals and corporations to own the buildings in area without owning the land that it is built on. Which apply on the land which is owned by the developer on free hold basis.
Amendment of Law 14 (15 August 2015)
Clause (3):
The lease hold is not valid except according to this law on the land and properties and agreements concluded to this purpose, and to include these agreements the terms and conditions controlling this lease and specially the follows:
- The expiry of the legal entity for the lease holder for any reason
- Death of the lease holder
- Expiry of the lease hold without renewing
- Expiry of the full period for the lease hold 75 years
Possible in case of death of the lease holder and after the approval of the ministry of defense and interior and the intelligence and the board of directors to continue the lease with the legal heirs or some of them according to their discretion with the same terms and conditions of the original contract based that these contracts has clauses within this law to inherit.
Possible with a decree from the president of Egypt and after the approval of the authorities and the ministry to treat selected Arab countries citizens the same treatments within this law in regards to the residential units.