New Capital City
The grandiose upcoming project of the New Administrative Capital (NAC) also so called “The Knowledge City”, which will be located 20 kilometers east of Cairo on the way to Suez,
Egypt is known as a country of eternal summer, which is why in the autumn-winter-spring period, Europeans prefer to travel to hot countries at least for a while. In this sense, the Arab Republic of Egypt ranks almost first in popularity. The climate of the country is hot, dry, but on the coast of the Mediterranean and Red Seas — subtropical, Mediterranean. The hottest period is from July to October. The average daily temperature is: 25-26 degrees in the north and 30-34 degrees in the south. In the conditionally winter period, the average air temperature along the Red Sea coast is stable — 23-25 degrees, and the water temperature in the Red Sea does not fall below 19-21 degrees.
The capital of Egypt, Cairo is the 6th largest metropolis in the world. 22 million people live in the central part of Cain, and this is the 5th part of the country’s population. Now a large-scale construction is taking place near old Cairo. A completely new technological city is being built 40 km from the current capital. The new capital of Egypt will accommodate 7 million people, the government and all embassies of other states will be moved to it. The largest business center is planned to be built in the new capital.
To purchase real estate, you need a foreign passport and a small deposit — this is how it is accepted here. Further, the remaining amount is paid in due time — whether as cash or through a bank transfer. However, installments are possible — depending on how it was agreed. If you purchase a “secondary” real estate, you must ask for a document confirming the seller’s ownership of the property — the so called “Tawkil” from the previous owner, as well as documents of the property issued in the name of the former owner.
It is not necessary to rush to obtain a green contract – a state issued certificate of ownership (an analogue of an extract from the state register of real estate). An exhaustive document is the “Tawkil” or a set of “Tawkils” from previous owners plus a document on the ownership of the first owner.
If you are investing in a freshly made property, then you that’s what you need to hold in your hands:
— certificate of ownership of the land on which construction is being carried out (or Tawkil);
— construction permit;
— the approved project of the object being built.
Buying a property in Egypt gives a foreigner the right to obtain a long-stay visa. It is issued initially for a period of up to six months with the possibility of a subsequent extension for one year, and then for two years.
The profitability of real estate in Egypt remains relatively high. According to Global Property Guide estimates, the rental yield in Cairo averages 9.4%, taking into account the cost of apartments from $ 830 per square meter. Apartments in the city center for 120 thousand dollars can be rented for $ 980 per month.