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Buying in Sharm FAQ

Discussion in 'Egypt property' started by queenie40something, May 9, 2008.

  1. queenie40something

    queenie40something Senior Member

    Hi all I thought I would start this thread as there are now lots looking to buy in Sharm and I hope this will be of help to those looking.

    Can foreign nationals own property in Egypt?

    Yes

    Do I need a visa?

    You do not need a visa to buy but need one to live here ( however you will need a visa to obtain Power of Attorney for your lawyer to act on your behalf )

    Will I need an Egyptian bank account?

    No but it will be useful at a later stage if you decide to rent it out.

    How long will it take for the registration to be finalised?

    6 - 12 months

    Will I be abke to rent out my property?

    Yes. All the real estate agents in Sharm are always looking for new properties to rent out. You can also rent to holiday makers in the UK for a higher weekly return.

    How easy is it to get to Sharm from the UK?

    Really very easy now and quick. Most flights are around 5 hours and you can get bargains if you book early enough with Easyjet and XL for eg.

    Will I need a solicitor?

    Yes it is essential to get an Egyptian lawyer.

    Are there building warranties? How long?

    Most will offer this and some will give a 5 yr build guarantee and some even longer.

    Are the properties sold furnished or unfurnished?

    Both. Quite alot offer turnkey so you can just move in.

    What if I want to sell before completion?

    Although this is possible most agents will advise against this to maximise your return.

    Can we get home insurance in Egypt?

    Yes Royal Sun Alliance operates in Egypt and also Intasure in the UK give a very good policy.

    Use this as a guideline in conjunction with http://www.totallyproperty.com/egypt-property/6847-legal-procedures-purchase-property-egypt.html and you shouldnt go too far wrong.
     
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