How to buy property in Egypt safely
Okay, so the photo above may seem a little random for a blog on how to buy property in Egypt safely, but along with being ridiculously good looking (well, me at least haha), the Rivermead Global team above know all there is to know about how to buy property in Egypt safely and we are here to pass on our knowledge! So stick with us.
4 Top tips on how to buy property in Egypt safely
1. Know what you want
If you are looking to buy a property in Egypt then try to have in your mind a clear picture of what you are looking for. Do you want a Studio? Apartment? Villa? Freehold? Do you want a beach-front property or a property in a town?
Of course, what is your budget? Set a realistic budget that will not stretch you too much financially and make sure you stick to it. If you find out out that the type of property you want is above your budget then you have the option to either wait whilst you save the adequate funds, or reassess your property criteria.
Do not blow your budget because you have found that ‘dream property’. Although you may follow all the other steps to the letter, if you blow your budget then no matter how safe the property purchase is, it may be short lived as you could end up needing to sell up as you can not afford the payments or can’t afford to have the money tied up in the property. Set a budget! and stick to it!
2. Research, research, research…
You would be surprised the amount of phone calls we receive from people who want our advice once a problem has occurred. 99% of these problems could have been prevented with adequate research prior to purchase. Buying a property overseas, whether it be Egypt or elsewhere is not something to be rushed into. Take your time, do your research and then, do more research.
Do you know the area you want to buy in? Have you been before? Do you know which agent to use? Which developers to trust? Which solicitors to work with? Do you know what you should be paying for furniture? Do you know anybody else that has bought in the area? Through the agent? Or used the solicitor? How much are flights? Where can you get the cheapest? Do you need a Visa? How long can you stay in Egypt for?
You will know doubt have these and hundreds of other questions you want answering! A great place to learn how to buy property in Egypt safely is through a property forum. One that is very active on Egypt and has lots of contributors, including ourselves is Web World Property. You do not need to be a member to check out the posts, but will need to sign up (free) if you wish to contribute.
3. Choose the right Agent
Of course, by right agent, we mean Rivermead Global 🙂 Joking aside, we do specialise in the Egypt property market and would be happy to assist. Okay, sale pitch over… there are large number of agents selling property in Egypt but not all are going to have your best interests at heart. You will probably have come across the names of several property agents whilst you were doing your research, some good and some bad. The more research you do the better. But don’t just take somebody else’s word for it. Contact several agents, withhold your number if you wish and don’t give out an email address if you don’t want to. Still, give them a call and ask them about buying a property in Egypt, how they can help, what services they offer, get a feel for the company yourself. Do they offer the services you want from an agent?Do they charge a finders fee? If so, in MY personal opinion, this finders fee is a waste of money and an unnecessary expense. If the company charges a finders fee, ask why… then contact the other agents and ask them do they provide the same services… usually the answer will be yes, and at no charge. Remember do your research and do not rush into anything. Do not sign anything and do not be pressured into working with a particular agent.
If you want more help finding an agent to buy a property with then it may be also worth contacting the AIPP – The Association of International Property Professionals – they will point you in the right direction.
4. Independent Solicitor
When looking at how to buy property in Egypt safely, you will of course need to consider a solicitor. The important thing here is that they are independent of the developer. You want to make sure they are working for just you and not also the developer, otherwise there is conflict of interest and they will not necessarily be working with you in mind.
When looking at how to buy a property in Egypt safely, you will want a solicitor that knows the Egyptian property market and legal system inside out. A good agent should be able to point you in the right direction of several independent solicitors to assist with your property purchase in Egypt. Again, during the research search you should have come across some names of people to avoid and others who are spoken highly of. Give them a call, see what you think and if you need further advice you can always contact the AIPP.
I hope this blog has helped answer the question “How to buy property in Egypt safely?” but in case you have any other questions the please do not hesitate to get in touch and we will be happy to help you.