Is the property I buy freehold?

Yes. The land and your unit is freehold.

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If I buy an apartment do I own the land?

You own the apartment and you have an undivided, public share in the land which the building is built on shared with the rest of the owners. This share is based on the ratio of the area of the owned unit to the total area of units in the building.

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Can I resell my property?

• Before registration - After payment of 40% of the purchase price you can resell your property privately or through the developer using an approved resale agreement. The developer has a step-in right to buy, and an administration fee of  3% applies.  The administration fee of 3% no longer applies after registration.
• After registration - You can resell your property after 5 years. There is a pre-emption right in favour of the developer. In both cases, you have the choice to sell your property through the developer against a sales commission of 5%. 

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Costs & Finance

What are the purchase costs?

Purchase costs equate to up to approximately 1% of the purchase price. Please click here for a full schedule of acquisition costs.

What ongoing costs are there?

Ongoing costs for property at Ancient Sands Resort include maintenance fee and property tax. These charges are not payable if you participate in the Rental Management programme. If you are renting your property you should pay income tax on your Egyptian source income. For a full schedule of ongoing costs please click here.

Are there any resale costs?

There is no capital gains tax in Egypt on the sale of residential real estate. A wealth tax of 2.5% is payable on the sale price in the case that your property has been registered, while agents fees are between 2.5% and 6%. Click here for further information.

Is there finance available?

We are pleased to offer developer finance until completion for 60% of the property value. Finance has not typically been available in Egypt – however, the mortgage market is now opening up and there are a number of mortgage products currently available.

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Will title be passed to the buyer on completion to allow for registration?

Upon completion, at the request of the purchaser, the developer will provide all information and details required to facilitate the registration of the property with the relevant authorities.
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Is property registration mandatory?

No. Indeed, less than 10% of property in Egypt is registered. Some foreigners who do not feel comfortable with this (but do not wish to be constrained by the 1996 laws which apply to foreigners owning registered property) follow a procedure called ‘signature validity’. This affords the buyer extra protection by verifying at court the signatures on the Sale and Purchase Agreement. This procedure can be arranged by a local lawyer and normally costs under USD1,000. The ‘signature validity’ procedure is very popular with foreign buyers also because until such time as the developer has been able to register his own title to the land (usually only possible when the development is completed) this procedure affords the buyer the maximum protection possible
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What are the relevant property ownership laws for foreigners in Egypt?

Law 230 of year 1996 on July 14, Law No. 230 of 1996 was issued superseding Law No. 56 of 1988. The new law allows non-Egyptians to own real estate whether built or vacant with the following conditions:

1. that ownership be limited to only two real estate properties throughout Egypt;

2. that the area of each real estate not be in excess of four thousand square meters;

3. that Non-Egyptians may only sell their real estate five years after registration. Restrictions only apply to registered property. Registration of property is not mandatory in Egypt.

Please note: The vast majority of foreign buyers in Egypt avoid these restrictions by not registering their properties. Most Egyptians do not register their property either. Less than 10% of the housing stock in Egypt is registered.

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