Government approval for foreigners to purchase real estate: to increase investments

Over the past few days, Egyptian Prime Minister Dr. Mustafa Madbouly issued a decision allowing foreign nationals to purchase real estate in Egypt in the near future without a limit on the number of units.

In this context, several MPs noted that this decision contributes to increasing investment opportunities and providing currency, especially given the significant number of residential and commercial units in new and tourist cities.

A member of parliament, Amin Masoud, confirmed that the government's decision to allow foreigners to purchase real estate in Egypt without a certain number of units will have many positive effects on the Egyptian economy in the near future, including securing the currency.

In addition to this, the government is working hard to create a healthy investment environment for all investors at this time by removing all obstacles in front of them and speeding up the land registration process for investors who do not violate the established conditions for obtaining land in the Arab Republic of Egypt.

A member of parliament also noted that the UAE once conducted an experiment by opening up the possibility for citizens of both countries to buy and acquire real estate in the UAE after the outbreak of Russia's war with Ukraine more than a year ago, providing them with many simplifications to facilitate the process. He also noted that the Egyptian parliament has received many demands to support the export of real estate abroad by the state through organizing international exhibitions in Egypt or participating in exhibitions outside Egypt or supporting the sources of Egyptian real estate before the world.

He added that the process of supporting the export of real estate abroad will be the fastest solution to secure the country's currency, as well as establishing a link between obtaining citizenship and owning real estate, which will open the door to many investors in this field and increase the demand for real estate and construction in the near future, stressing that this sector is the driving force for development in Egypt, as 60% of the existing industries in Egypt depend on construction.