Arranging your non-resident mortgage in Egypt

The government in Egypt is committed to attracting foreign investment into the real estate sector and as a result the path for investors is easing all the time.

A residence visa will be required for a non-resident to purchase a property in Egypt. The visa is fairly simple to obtain and is for a period of either three of five years. The residence permit will only allow you to purchase a maximum of two properties (with a maximium of 4,000 sq m between them). Non residents wishing to purchase more than two properties would need to set up an Egyptian Company.

Due to recent changes in Egyptian mortgage law non-residents now have access to mortgage products in Egypt. In order for the mortgage company to consider a property it has to be registered at the property registry. This registration can be a very lomng process.

Non-status loans are not available and the following proof of income witl be required as a minimum:

If employed - copies of your last six months' payslips and copies of your latest two P60s

If self-employed -  copies of your last three years' audited acounts and copies of both your last 12 months' business and last 6 months' personal bank statements.

Your total existing liabilities, including any mortgage/rent payments, loans, credit card payments, etc plus your proposed Egyptian mortgage payments must not exceed 25% of your monthly income.