From the challenges facing foreign homebuyers to prominent investment opportunities in the real estate market, Invest-Gate explores what holds Egypt back from seizing a larger share in the international market of real estate exports.
Foreigners can only purchase two units maximum, not exceeding 4,000 square meter each, Colliers International research stated. The purchase, however, must be approved by the Cabinet. The process takes around two months.
Ahmed Zaalouk, sales director of Oriental Urban Development (OUD), says that Las Cabanas project at the resort town of Marsa Alam is catered for foreign homebuyers. He adds that it includes a marina, a golf area, a spa, and 13 hotels.
“Even though Egypt is at the early stages of exporting real estate products the project’s location in Marsa Alam, along with a wide variety of services provided, was able to attract foreigners,” Zaalouk says.
In the same context, Somabay’s Chief Real Estate Officer, Omar El Halaby, states that 30% of his company’s sales this year were to foreign clients, including Germans, Swiss, Italians, Canadians, and Americans.
Somabay features a number of basic life amenities being offered to cater to the daily needs, in addition to various options of entertainment venues, including a variety of restaurants by the Marina.