Egypt to offer residency to foreign property buyers

Unsplash.com/Oussef Abdelwahab

Egypt is looking to attract investments into its residential property market by offering a five-year residency to international buyers.

This initiative is highlighted in a cabinet document providing the economic roadmap for 2024-2030, Egypt Today newspaper reported.

The government intends to establish a specialised company to manage real estate export and leasing activities, with expected revenues of between $2 and $3 billion.

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“Foreign investors benefiting from this real estate export initiative in hard currency in Egypt will be granted a five-year residency,” the document said.

The new company will be part of the national programme to boost forex over the next six years to reach $300 billion by 2030, derived from tourism, expat remittances, foreign direct investments, exports and Suez Canal earnings.

The initiative will require payment of the property in dollars upfront and not in installments by Egyptian expats and foreigners, said the Real Estate Development Chamber of the Egyptian Industries Federation president Tarek Shoukry.

However, the government has not disclosed the initiative’s details yet and is holding discussions on finalising the regulations, the report said.