If yes, then you have landed to the right place. Here, in this article top queries are enlisted regarding investing in Hurghada property

Here you will find all the queries that you may have as a foreigner, answered in regards to the purchase of Hurghada property

  1) All foreign nationals are allowed to purchase and make a sale of Hurghada property well as other properties in Egypt.

  2) It’s not necessary to have an Egyptian bank account. However it makes it simpler for transfer of funds. Moreover it’s quite simple to obtain an Egyptian bank account. At some point if you wish to simply rent out or lease out your property, you will need an Egyptian bank account.

  3) It’s also easy to rent out Hurghada property as well other property that you may have in Egypt.

  4) Houses and properties may be sold with furniture as well as without furniture. However it’s important to remember that in rare cases the style in Egypt may differ from the European style that you have been accustomed to. 

  5) You can also get your property as well as homes insured in Egypt. There are a number of insurance companies that can provide you with such a service.

  6) When you purchase Hurghada real estate, there are certain running costs that are also associated along with it, though typically the running and the maintenance costs are much lower than the countries of the European Union. Depending on the location of the property, you could pay in the range of 35 LE per month for electricity. While for water, you may pay an approximate amount of 50 LE and above.

  7) Remember that if you purchase Hurghada property in a resort, there may be additional expenses depending on the amenities that are provided. For example you may have to pay extra for using the swimming pool, gymnasium, lightning, maintaining general lobby areas and such.

  8) The payment terms for Hurghada property would depend on the state of construction that the property is in. if you wish to purchase a ready property, you would need to make a payment of 30% - 50% in advance and the rest when the transaction has been approved legally. 

  9) Purchasing a Hurghada property is a very simple and straight forward procedure. If the property is ready for completed, then it can take between 1-2 months for you to close the deal. However it the Hurghada property is in the stage of construction, then it may take more time to complete the deal.

 10) It’s always advisable to engage a solicitor for making the purchase and sale transactions as they can easily sort out all the legal issues. Depending on the value of the property they can charge a percentage based on the value of the property. The prices can vary though widely from solicitor to solicitor.

 11) There is no VAT or inheritance tax on the Hurghada property that is purchased. If you have rented out your property, then you would be paying an annual tax of 10%. However if the cost of your property is less than 500,000 EL then you aren’t legally bound to pay any annual tax for the property