Egypt Launches Real Estate Export Company with USD 3 Billion Revenue
Upon purchasing properties in Egypt using US dollars, foreigners will obtain a five-year residency permit.
The Egyptian government revealed plans to establish a company focused on managing real estate export and leasing activities, with the aim of generating between USD 2 and USD 3 billion in revenue. The move is part of a government initiative to attract foreign investors and expatriates by offering real estate units for sale in US dollars, in collaboration with the private sector.
The new company will provide foreigners with the opportunity to purchase properties in Egypt using US dollars, in exchange for a five-year residency permit. This initiative aims to not only increase remittances from Egyptians working abroad but also bolster the country's US dollar reserves.
The proposed company will work alongside the Ministry of Housing to develop geographic plans, designs and areas that should appeal to foreign buyers. Additionally, the Central Bank of Egypt will facilitate fund transfers for real estate acquisitions by foreigners.
Egypt's real estate market, estimated to be valued at half a trillion dollars, holds significant marketing potential and is the second largest in the Middle East and North Africa.
To ease foreign investment, the Egyptian cabinet recently approved a law allowing foreigners to purchase real estate without restrictions.
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