Not too long ago, it was illegal for foreigners to own property in Egypt. This is no longer the case, though buying property is no easy feat.
One of the major issues facing the Egyptian property market is rent control. This has long been a sore sport for Egyptian landlords, and is only just recently being done away with. Rent control essentially caps the amount that a landlord is able to charge a tenant, provided that that tenant or a descendant continues to live in a given flat or property.
Since Egyptian homes tend to stay within the same family for many generations, this translates to tenants who can live in very expensive property for very cheap. Consider, some wealthy families pay as little as LE15 a month in rent.
One negative side-affect of rent control has been that landlords are unwilling to spend the money for building maintenance (why spend more to earn the same in rent?). Another is that they are not willing to part with property for cheap.
If you start shopping for property in Egypt, make sure you have plenty of funds in reserve. Though traditional mortgages are becoming more and more common, you will find that plenty of property is still purchased in up-front payments.
Also know that it is extremely unlikely your property will come furnished – and that doesn’t mean you’ll only be missing furniture. Plan to supply your own sinks, electrical wiring, lighting, toilets, bathtubs et cetera and so on.
Finally, you must pursue residency if you intend to buy property in Egypt. Without residency, you will not be able to delegate power of attorney to a lawyer to register your property.