Monday February 26th, 2024
Download SceneNow app
Copied

Foreigners Can Now Buy Residential Real Estate in Egypt

The law requires that the price of residential units be paid in foreign currency and transferred to state-owned banks.

Cairo Scene

The Egyptian government has approved a new law allowing foreigners to own residential properties in the country, in a bid to attract more foreign currency and investment.

This decision follows a series of measures taken by the government to promote foreign direct investment and private investment, including 22 decisions authorized by the Supreme Council for Investment and incentives for investment projects in new cities authorized by the New Urban Communities Authority.

The move is expected to boost the country's real estate sector and contribute to its economic growth.