After a phase of volatility in the Egyptian economy, the real estate market is still attracting inflows as it benefits from the positive aspects of the floatation imposed by the central bank last year. As the market booms, and with 10% of Egypt’s population above the age of 65, the need for retirement homes is hiking, awaiting developers to put together sustainable projects to serve a never-ending demand.
“There is a growing trend across international markets for developing retirement communities that provide the look and feel of vacation homes. There is potential for Egyptian developers to look at capitalizing on such concepts within their developments,” Mansoor Ahmed, director of development solution & healthcare at Colliers International MENA, tells Invest-Gate.
Egypt’s Property-For-Residency Law:
Foreigners can be granted a temporary non-tourist residency when they buy residential properties, under decree No. 828 of 2017 by Egypt’s Interior Minister Magdi Abdel-Ghaffar; an amendment to the ministerial decree No. 8180 of 1996 under the following conditions:
– Buying one or more properties not less than USD 400,000 for a renewable five-year residency permit
– Buying one or more properties not less than USD 200,000 for a renewable three-year residency permit