Some hints and tips to help sell property in Egypt fast and attract cash rich buyers. After recent events Egypt is now making a good recovery in the real estate market and tourism is up again from the likes of the UK, Russia and Europe.
Overseas investors from cash rich nations such as Russia, China, the UK and the middle east are now buying Egyptian properties again.
The major resorts such as Hurghada and Sharm-el-Sheikh have reported a 60% increase in tourists and property investors along the red sea. The capital of Egypt Cairo and Luxor are also recovering with a record 25,000 properties sold in 2015 to overseas investors and statistics show 2016 is set to follow the same patterns.
Even if you have no experience to buying or selling property in Egypt you will need to know a simple few things to keep you on the right path. You will need a very trustworthy lawyer as allot of the self styled lawyers in Egypt are not trained lawyers or corrupt, or both. So be very careful a reputable agent should be able to recommend a reputable lawyer. We can help with this.
Many of the properties in the tourist hot spots were built in illegal complexes without planning permissions so searches will have to be performed to see if your property is suitable to be sold on. Your online estate agent should be able to advise you if your complex is ok to re sell in. So hire a reputable agent who can market your property in many languages to the likes of Russia, China and the UK.
Taking note of all the above facts you must find a highly reliable and trustworthy lawyer before entering into any property transaction in Egypt unless you have dealt with a lawyer in the past do not look for one yourself as the corrupt lawyers will see you a mile off.
There are many types of trading systems when selling Egyptian property, depending on the value the area and the nature of the property if it is off plan or resale. With new off plan properties the buyer is always required to pay a 10% deposit of the value. At this stage i multi lingual contract is drawn up as the buyers are always foreign. This contract will then carry all the details of all stage payments agreed by both parties.
Re sale properties the deposit is normally between 15 to 20% and is non refundable according to the terms of the contract under Egyptian law. Once the buyer's lawyer has verified the property deeds and encumbrances etc., which can be a lengthy and drawn out but still essential process. The changeover of deeds would normally take place upon completion of the final payment.
You will need a reliable expert in Egyptian re sales to advise you every step of the way to get the best price possible from the buyer. This is where we come in as we market in every language possible and into every cash rich country buying in Egypt you open yourself up to thousands of buyers.
Contact is today for fast and free advice on how to sell property in Egypt.