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Egypt Changes Regulations Allowing Foreigners to Own Residential Real Estate

July 6, 2023
Photo credit: Enterprise News
Photo credit: Enterprise News

The Egyptian Cabinet approved a legislative amendment aiming to ease regulations for foreigners to own residential properties in Egypt, on Wednesday, 5 July.

In May, Prime Minister Mostafa Madbouly announced that foreigners would be allowed to own property in Egypt with no limits, but according to certain rules.

Non-Egyptians wishing to own residential property in Egypt are to pay the price in foreign currency via transfering money to banks wholly owned by the state, but are no longer limited to two residential properties that must be in different cities, and at a maximum of 4000 square meters per property—stipulations the amended clause removed.

This decision follows multiple measures taken by the Egyptian government to increase the inflow of foreign currency and attract foreign investment.

In December 2022, the Egyptian Ministry of Transport announced that foreigners will be required to pay train tickets in foreign currency.

Last month, the Egyptian Ministry of Interior introduced a new five-year multiple entry visa for foreigners, at a fee of USD 700 (EGP 21,632).

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