Real state in Egypt

Investing in Real Estate in Sharm El Sheikh: A Guide for Foreign Buyers

Every year, an increasing number of foreign clients are drawn to the allure of investing in real estate in Egypt's stunning resort towns, particularly Sharm El Sheikh. Known for its breathtaking landscapes and vibrant culture, this destination offers an ideal winter escape, with a pleasant climate averaging between 25°C and 28°C. However, while the potential for lucrative investments is enticing, it’s crucial to navigate the market with caution to avoid common pitfalls.

The Allure of Sharm El Sheikh

Sharm El Sheikh is not just a beautiful getaway; it’s also a burgeoning market for real estate investment. The combination of its scenic beaches, rich marine life, and a variety of recreational activities makes it a prime location for both vacation homes and rental properties. As demand continues to rise, so do the opportunities for savvy investors.

Stay Vigilant: Avoiding Common Pitfalls

While the prospect of investing in Sharm El Sheikh is exciting, it’s essential to remain vigilant. Here are some key tips to help you make informed decisions:

• Do Your Research: Before diving into any investment, conduct thorough market research. Familiarize yourself with the local real estate landscape, including property values, trends, and the reputation of various developers.

• Compare Prices: Don’t settle for the first offer you receive. Compare prices from multiple companies and local sellers to ensure you’re getting a fair deal. This will help you identify any discrepancies and avoid overpaying.

• Consult Local Residents: Engaging with local residents can provide invaluable insights into the market. They can offer perspectives on fair pricing, neighborhood dynamics, and potential red flags that may not be apparent to outsiders.

• Be Wary of Flashy Advertisements: While attractive marketing can be tempting, it’s important not to be swayed by flashy advertisements or the recommendations of new acquaintances eager to promote certain properties. Always verify claims and seek independent advice.

• Seek Professional Guidance: Consider hiring a local real estate agent or legal advisor who understands the intricacies of the Egyptian property market. Their expertise can help you navigate the buying process and ensure that all legalities are properly addressed.

Conclusion

Investing in real estate in Sharm El Sheikh can be a rewarding venture, provided you approach it with caution and diligence. By conducting thorough research, comparing options, and seeking local insights, you can make informed decisions that lead to a sound investment. With the right approach, your investment in this beautiful region of Egypt can not only provide a winter escape but also a profitable asset for years to come.

• There is a convenient way to control the transaction for the sale of real estate in Egypt. The parties must comply with all the items listed in the Law on the legalization of purchases in notary departments, registration authorities, as well as all other units from the legal list in the Law .

• There is another way to force the seller to act on the basis of the Law and complete the entire list of documented actions for the transfer of property. This is a way in which you yourself have the right to act on behalf of the seller, if he, in turn, refuses to complete the entire procedure.

  Both methods lead to the same results with only one difference: the first is without a court order, and the second one is on the basis of a judge’s decision.

  In accordance with the above, everyone who wants to go through the procedures for registering real estate in Egypt must complete the following steps:

• Notify the notary office (Shagr Elakari) of the intention to act and form a request about it.

• Register the right to property in a special form after completing all the necessary actions with the contract for the sale of an apartment (villa, house, land) in Egypt. The Buyer receives a very important advantage – he has the right to his own protection against everything illegal at his own will or at the will of non-performance of tasks on the part of the Seller. For example, sometimes agencies or sellers of real estate in Egypt offer the same properties to many participants, replacing one contract with another in order to obtain excess profits or fraud when buying property in Egypt. The last accepted contract for the sale may serve as a legal obstacle to the completion of the transaction. This is done to obtain the full rights of the seller to the land or apartment .

  In this way, foreign citizens who bought apartments in Hurghada (Sharm El Sheikh or Cairo) for their own safety must notify the notary office about the start of the procedure and receive a request number in order to protect themselves by law.

  If all the steps for real estate registration are carried out correctly and on time, then the law will always be on the side of the buyer: carefully study both versions of the sale and purchase agreement and even what is written in small font, hire a specialist lawyer to represent your interests in the transaction. After the registration procedure is completed, you have a very strong legal protection, in which neither the seller nor the agency can claim your property.

  We offer services for conducting transactions for the purchase of an apartment in Egypt, as well as for resolving issues of fraud, incomplete objects, non-completion of objects on time, non-return of funds and other issues in court.

It follows that: