# Current Real Estate Prices



## SilverKing (Dec 5, 2011)

I have been looking at some ads for real estate in egypt and they say EGP210000 for an apartment. I think thats like 35,000 dollars! is this correct or am I looking at this wrong? Also what is the state of real estate in egypt right now?
Any replies will be appreciated and thank you in advance.


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## SilverKing (Dec 5, 2011)

Also was wondering how difficult it is to purchase real estate in Cairo?


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## MaidenScotland (Jun 6, 2009)

Hi and welcome to the forum.

Have a good look throughout the forum and at the sticky at the top of this page.
This country is in turmoil and the legality of land and apartments my be in doubt.
My Advice to you is to hold on unless of course you can afford to loose all of your investment


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## SilverKing (Dec 5, 2011)

Thanks MaidenScotland! So lots of risk, that's probably why it's so cheap. Is it still possible or has the market stopped entirely?


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## MaidenScotland (Jun 6, 2009)

SilverKing said:


> Thanks MaidenScotland! So lots of risk, that's probably why it's so cheap. Is it still possible or has the market stopped entirely?




Of course you can still buy. Think of the future and who will be your market if and when you decided to sell. If things go the way some parties want them to then your resale market has plummeted. There are hundreds of thousands of empty apartment blocks in and around Cairo.

Maiden


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## SilverKing (Dec 5, 2011)

That many empty apartments, wow! At that price might be a fun speculation/vacation property for a decade or so. Do you know where I can find more info about the ins and outs regarding real estate in Egypt? I have done a search of the forums and read most of that info. Thanks!


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## MaidenScotland (Jun 6, 2009)

SilverKing said:


> That many empty apartments, wow! At that price might be a fun speculation/vacation property for a decade or so. Do you know where I can find more info about the ins and outs regarding real estate in Egypt? I have done a search of the forums and read most of that info. Thanks!




Eco mariner will be around some time and he is the best person to tell you the ins and outs if you are looking at vacation properties.
Have you ever actually been to Egypt?
Cairo.. despite its filth, traffic, noise and pollution most Egyptians want to live in the hubbub of life and you will find these apartments are costly.


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## MaidenScotland (Jun 6, 2009)

SilverKing said:


> That many empty apartments, wow! At that price might be a fun speculation/vacation property for a decade or so. Do you know where I can find more info about the ins and outs regarding real estate in Egypt? I have done a search of the forums and read most of that info. Thanks!




Yes there are many many empty apartment blocks, villas etc for sale but as I previously said they might not actually belong to the developer who is selling them

Land here was sold to developers well price wise it was given away and the Egyptian people rightly want their land back. There are and will be court cases concerning these properties. 

If you have that much money to spare.. I could do with a new coat

maiden


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## SilverKing (Dec 5, 2011)

So all of the empty apartments are the ones tied up in legal messes? Haven't been to Egypt but would go for sure before deciding. Just looking for a modest one bedroom or something. Trying to not have all my assets tied up in the USA that's all.


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## MaidenScotland (Jun 6, 2009)

SilverKing said:


> So all of the empty apartments are the ones tied up in legal messes? Haven't been to Egypt but would go for sure before deciding. Just looking for a modest one bedroom or something. Trying to not have all my assets tied up in the USA that's all.





No not saying that at all... the thing is no one knows for sure what will happen to the land, it may be grabbed back, people may be asked to pay extra for their apartments although this would be very unfair, the developer may have to pay more for the land, the developer may have already skipped the country with his billions.:juggle:

One bedroom flats as far as I know are very few if they exist at all.


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## SilverKing (Dec 5, 2011)

I see. So a lot depends on the future political landscape.


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## expatlady (Nov 25, 2011)

SilverKing said:


> I see. So a lot depends on the future political landscape.


Yes, but not only that. I have followed several forums for property-owners in Egypt for some time. One of the forums closed down this summer, basically because there were so many angry buyers who had ended up with nothing. The worst sharks are not in the sea, it seems.


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## RPC (Mar 17, 2011)

SilverKing said:


> I see. So a lot depends on the future political landscape.


It's all about how much risk you are willing to take and also the "amount of money" involved.

In 2002 (there was the Iraq war at that time), a vey nice small flat in El Gouna (in the Marina... the nicest place) was offered to me at 30.000 USD..... but I thought was crazy buying a flat considering the unstable conditions of the region. in 2010... the same flat was on sale for more then 120.000 USD . Today, after the revolution and with an uncertain future the housing market is definitely low and exactly as when in 2002, a rational minded person should not be tempted to buy ....which it could also mean loosing an opportunity. 

So, if it is not a huge amount of money .....(which means nothing serious will happen to you if lost) there could be out there chances to gain good value in the future. 

From the legal side, a good local lawyer and good local contacts should be enough for you to avoid potential troubles when buying a property and if the this has been already built then this is much better!!
:ranger:


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## SilverKing (Dec 5, 2011)

A possible 300% gain. Can you tell me a little more about the scams where people lost their money? Thanks for all of the great info.


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## txlstewart (Jun 20, 2010)

SilverKing said:


> That many empty apartments, wow! At that price might be a fun speculation/vacation property for a decade or so. Do you know where I can find more info about the ins and outs regarding real estate in Egypt? I have done a search of the forums and read most of that info. Thanks!


Yes, wearing a "burkini" at the beach/pool is my idea of paradise! (Sarcastic remark for having vacation property in Egypt....)

As Maiden said, LOOK AT THE TOP OF THE FORUM for stickies--it requires a bit of work, but will be worth your while....


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## SilverKing (Dec 5, 2011)

Thanks for the tip. Read the stickies. I understand Egypt is in turmoil right now, and that this could be risky. I want to inform myself as much as possible.


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## PaulAshton (Nov 18, 2011)

SilverKing said:


> A possible 300% gain. Can you tell me a little more about the scams where people lost their money? Thanks for all of the great info.


If you are looking to move to Cairo Heliopolis and El Rehab are nice and make for a nice summer home but cold in the winter

You may wish to look at Sharm el Sheikh or Hurghada which offer year round sun, Sharm property is a 99 year lease makes no real difference

If you are serious about moving to Cairo or Red Sea you are best renting first for 6 months or more to get a flavour of Egypt and it also gives you the chance to look at properties

I am wary however of anything purchased off plan and know of a few horror stories and people who have been screwed over by estate agents and "reputable" lawyers, Egypt is the land of scams and you can't really trust anyone when it comes to money, they are all money vampires

See here what happened to this couple who bought off plan in the Red Sea, I know of a few other developments where people have lost large sums of money, your dream retirement could turn into you living nightmare


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## SilverKing (Dec 5, 2011)

Thanks for the info. So basically stay away from anything unfinished and brand new developed with cheap land.


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## expatlady (Nov 25, 2011)

SilverKing said:


> A possible 300% gain. Can you tell me a little more about the scams where people lost their money? Thanks for all of the great info.


You also have a great possibility for 100% loss.

For a start: most developers do not own the land, but have 'registered' ownership contract, on the condition of meeting the bank loan on due dates. Now, nothing prevents them from not paying the banks. At least one developer in Hurgahda is now on the run, with the money of many, many expats (and some Egyptians).

And I hear horrible things about Hurgahda lawyers, which I really cannot repeat here. 

As mentioned above; the user eco-mariner seem very knowledgable; I would have contacted him_ before_ I bought anything.


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## canuck2010 (Jan 13, 2010)

With rents so very low, why would you want to buy?


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## Whitedesert (Oct 9, 2011)

SilverKing said:


> Thanks MaidenScotland! So lots of risk, that's probably why it's so cheap. Is it still possible or has the market stopped entirely?


Just a small point about the cheap. You get a shell for that money, not a completed apartment, as long as you understand that.


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## PaulAshton (Nov 18, 2011)

canuck2010 said:


> With rents so very low, why would you want to buy?


Rent first then buy if you have spare cash that you really are not fussed about losing and see it as a home in the sun, that's fine..it simply gives you more freedom to do what you want when you want and a sense of being permanent - and whatever improvements you do such as a steel door, new kitchen, bath, spanish style clay tiles on the roof, electric fence, gazebo etc are yours to enjoy - and you don't have issues keeping a demonic doberman


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## Cairo Cathy (Nov 19, 2011)

SilverKing said:


> So all of the empty apartments are the ones tied up in legal messes? Haven't been to Egypt but would go for sure before deciding. Just looking for a modest one bedroom or something. Trying to not have all my assets tied up in the USA that's all.


There are lots of property empty in Cairo. Mainly it is all bought up by families for their children and just lying empty till they marry.
The government announced that all land development in compounds will be guaranteed. That was recently in the media. Compounds like Palm Hills etc who are part of court proceedings wont affect the residents or buyers. Their shares wobbled for a while but they are back up again as investors buy up.

If I were thinking about investing I would definitely go for compounds. 
The reason being you are part of a community and if there is any fight then you will not be alone in any fight but to be honest I doubt there will be any fight.
Many of the compounds are not under investigation and are perfectly fine to buy.

What I wouldn't buy is single properties, something like an aprtment in a block somewhere that may have issues you dont know about or the sellers wont tell you about. Hundreds of thousands of illegal properties all over would be the ones in trouble with forged documents etc.

Compounds are what people are investing in. They are escaping the city and moving to green areas and into communities. 
With a compound you are dealing with a big company not a single seller who you have no idea about his legality on the property.

The most important thing is if you do decide to buy a single property outside a compound make sure you have excellent legal advice!!!!
Buying in compounds is much easier and safer.
Lawyers or good friends who are Egyptians is not wise move to buying as they are filled with crooks.


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## Cairo Cathy (Nov 19, 2011)

SilverKing said:


> Thanks for the info. So basically stay away from anything unfinished and brand new developed with cheap land.


Look at big companies.
You can buy unfinished in those with relative safety that's if they have anything left . They are often sold out really quickly as each phase is launched by Egyptian buyers. They buy to invest or for the children.
Check out Bahgat or IGI Intours stuff like that.
Ones with Gulf Arab investor backing.
Dreamland have just launched a few new phases for buyers and in Dreamland you can easily buy also a plot and build your own in a very secure investment whilst renting an apartment on the site. Location | Dreamland Egypt: Enjoy a quality lifestyle! Buy a home in Egypt. Over 50 designs for villas, apartments, and studios send them an e mail because their website is often out of date to check availability dont rely on websites saying sold out.

These below are fairly established compounds with thriving communities in the West of Cairo.

Dreamland - (Bahgat Co) This guy owns Goldi and other companies like Internet service etc
Al Rabwa............ 38521700-01
Tara
Belle Ville
Moon land
Karma 1 & 2
Zahart Al-Madaen
First heights

Al Yasmine Greenland
Gardenia (IGI Intours)
Al Rawda
Al Ashgar
Jasmine District
Mena Garden city
Greens
Zayed 2000
Al Woroud
Al Nada
Hadayek El Mohandessin
Hadayek El Solimaneya
Palm Hills
Utopia
Al Gezeera
Joman
New Garden City
Beverly Hills (Huge development for rent and investment and very stable and safe)
Royal valley


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## Cairo Cathy (Nov 19, 2011)

Check out facebook pages too.

like this one

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You could Google Kishk and Trenta real estate to get an idea of prices


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## RPC (Mar 17, 2011)

Cairo Cathy said:


> Look at big companies.
> You can buy unfinished in those with relative safety that's if they have anything left . They are often sold out really quickly as each phase is launched by Egyptian buyers. They buy to invest or for the children.
> Check out Bahgat or IGI Intours stuff like that.
> Ones with Gulf Arab investor backing.
> ...


Agree, I would also add that if looking for a nice red sea sea view house not in traditional touristic areas such as Sharm or Hurgada, but still warm most of the year easy to reach, there is Ain El sujkna which is 120 km from Cairo's main airport. There are many compounds there you could look into, "La Vista" for example (which has now arrived to extension n. 6) should have already fully built sea view properties and people are already living there.
:ranger:


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## Cairo Cathy (Nov 19, 2011)

RPC said:


> Agree, I would also add that if looking for a nice red sea sea view house not in traditional touristic areas such as Sharm or Hurgada, but still warm most of the year easy to reach, there is Ain El sujkna which is 120 km from Cairo's main airport. There are many compounds there you could look into, "La Vista" for example (which has now arrived to extension n. 6) should have already fully built sea view properties and people are already living there.
> :ranger:



Agree
El Ain Sokhna is a very good choice for beach property rather than Hurghada or Sharm.


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## Gounie (Jan 27, 2011)

RPC said:


> In 2002 (there was the Iraq war at that time), a vey nice small flat in El Gouna (in the Marina... the nicest place) was offered to me at 30.000 USD..... but I thought was crazy buying a flat considering the unstable conditions of the region. in 2010... the same flat was on sale for more then 120.000 USD . Today, after the revolution and with an uncertain future the housing market is definitely low and exactly as when in 2002, a rational minded person should not be tempted to buy ....which it could also mean loosing an opportunity.
> :ranger:


That's when I bought in El Gouna. Prices were very low and then went through the roof over the next few years. I have been living here for 7 years and love it. It is a private town with three marinas, schools, university, hospital, private airport, etc. etc. Owned by Mr Samih Sawiris of Orascom. He explained that the high prices now for off-plan which are aimed at the very top end of the market and can be $4,500 per square meter is because it is like a tax as El Gouna is so established and the upkeep of the town costs far more than the income from the home owners so they cover their costs on the new properties and they want to spend a lot of money keeping El Gouna looking beautiful. Abu Tig Marina properties are great if you like the sound of thumping music in the summer until the early hours of the morning. It's great to have live bands so often but not if you are trying to sleep 

The current Winter 2012 brochure for El Gouna Real Estate showing the resale properties has not dropped in price since a year ago. However, I know a few friends that need to sell due to health reasons or divorce, etc. and for sure they are accepting much lower prices. 

I'll put a link to the real estate brochure but not sure if it is allowed on here:
El Gouna Real Estate


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## SilverKing (Dec 5, 2011)

Thanks everyone! This for sure will point me in the right direction.


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## marenostrum (Feb 19, 2011)

SilverKing said:


> I have been looking at some ads for real estate in egypt and they say EGP210000 for an apartment. I think thats like 35,000 dollars! is this correct or am I looking at this wrong? Also what is the state of real estate in egypt right now?
> Any replies will be appreciated and thank you in advance.


Hi,

You need to consider what your goal is with buying a property here. Is it for holidays, permanent stay, buy to let?
Many factors also come into it:

a) attitude to risk as with any investment
b)financial position ie. do you have other assets / cash savings / job situation
c) purpose of your buy
d)legal position as an american citizen buying property abroad ie do you have a family and if so do the US have inheritance tax / succession issues
e) inheritance tax + law in Egypt and potential DTA with the USA
f) tax on property in Egypt or the US, does one pay tax on sqm of the house here or just on rental income should there be one? DTA again needs looking t if it exists between us and egypt.
g)legalities associated with buying here, what is the legal position regarding freeholds / leasholds?
h) Do you want to buy property that needs work or a property that is high spec already
and so on

Cathy has given some good advice in terms of the areas that are up and coming, el Gouna is good, Port Galib too. I would throw in the mix marsa m too but this is a bit far from Cairo. Some new developments in Marsa alam too but again this is a bit far.
If I were you I would come here for a couple of months and explore different areas / options.


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## Helen Ellis (Aug 9, 2008)

Plenty of one beds in Hurghada, finished, for 35,000$ A few two beds too for that price, no pool of course. I would be wary, but it's probably worth a look if it's not your sole investment. As others have said you have to decide what it's for before choosing, and best to see the place first. There is still major hotel building going on in Hurghada and confidence here is high. Prices are expected to rise after the election, depending on the results of course and the violence ending.


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