Newly Proposed Amendments by the Prime Ministers’ Cabinet regarding Lifting the Current Controls on Foreign Ownership of Real Estate in Egypt

The Prime Ministers’ Cabinet proposed a decision lifting current controls introduced by Law no. 230 of 1996 regarding foreign ownership of real estate (the “Foreign Ownership of Real Estate Law”). Pursuant to the provisions of the Foreign Ownership of Real Estate Law, foreigners are allowed to purchase a maximum of two properties provided the intended purpose of said properties is residential purpose. In addition to the aforementioned, the Foreign Ownership of Real Estate Law sets out that the area of each property shall not exceed four thousand meter square.

It is also important to highlight that said property should not be considered an antiquity in accordance to the provisions of Law no.117 of 1983 (the “Antiquities Protection Law”).

The proposed amendment allows foreigners to own properties in Egypt without any limitation – lifting the ban of owning two properties with a maximum area of four thousand meter square for each property – provided the price of the said properties is paid in foreign currency via a bank transfer to a wholly owned state bank.