posted
im interested to know the steps and costs of buying a flat in rehab or 6 october...anyone knw the details, like is there an upfront, is there option of monthly payments over time? any experience would be great. also any red tape about being a foreigner? proof of income etc? should my egyptian husband buy it or me as a foreigner...whats easiest?
Posts: 29 | From: florida | Registered: Sep 2006
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posted
First the system of improve the income and the nationality is for the small flats which made for young men wheo wanna marry , and you cant applie for this (my news till now) otherwise the private flats dont have to improve any thing just to pay and register your contract , but try to ask about registering contract for forgeiners
Posts: 248 | Registered: Aug 2006
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posted
Can u pay by monthly installments like a mortgage and if so, how and how do u get the financing within egypt?
Posts: 29 | From: florida | Registered: Sep 2006
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posted
anyone know about special offers for doctors in egypt? as far as buying a home is concerned.
Posts: 29 | From: florida | Registered: Sep 2006
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posted
simply to buy a flat in Egypt, u need to have at least 130000 LE cash I think minimum. all what u do is to seek for semsaar and he will guide u to a nice flat wherever u want. you will pay that man some money to guide you. That's all. It's better for u to make ur husband make this job because some men here in Egypt dont know how to treat ladies.
Posts: 2728 | From: جمهورية مصر العربية | Registered: Sep 2006
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posted
i used simsar before in egypt...but...i am more or less trying to find out if there are mortgage available from the banks etc?
Posts: 29 | From: florida | Registered: Sep 2006
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quote:Originally posted by schoolbound: i used simsar before in egypt...but...i am more or less trying to find out if there are mortgage available from the banks etc?
I think there is something similar to a mortgage, but I don't know how it works. Sorry. Posts: 8794 | From: 01-20-09 The End of an Error | Registered: Dec 2004
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posted
what's mortgage? ya3ny eh? mish fahem?? if anyone can explain it to me in arabic, it'll be nice.
Posts: 2728 | From: جمهورية مصر العربية | Registered: Sep 2006
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quote:Originally posted by schoolbound: i used simsar before in egypt...but...i am more or less trying to find out if there are mortgage available from the banks etc?
There are mortages available to Egyptians from Egyptian banks. I had posted a few articles in the "Doing business in Egypt" section before.
For foreigners there are financing options through Citibank and I think CIB.
I look forward to finding my own mortage and buying a flat to call home in Cairo.
The Egyptian real estate can be collateral in the future for mortages and business loans back in your home country.
Posts: 991 | From: My daughter is a stalker | Registered: Jul 2006
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quote:Originally posted by schoolbound: i used simsar before in egypt...but...i am more or less trying to find out if there are mortgage available from the banks etc?
There are mortages available to Egyptians from Egyptian banks. I had posted a few articles in the "Doing business in Egypt" section before.
For foreigners there are financing options through Citibank and I think CIB.
I look forward to finding my own mortage and buying a flat to call home in Cairo.
The Egyptian real estate can be collateral in the future for mortages and business loans back in your home country.
mortgage ya3ny loan mn ilbank, walla eh?
هو ما فيش حد عربي هنا كلهم خواجات ولا ايه
Posts: 2728 | From: جمهورية مصر العربية | Registered: Sep 2006
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posted
OK I give in - how can you guys read these tiny arabic letters? I have to copy and paste them into Wordpad and blow them up big to read it.
Posts: 5593 | From: Egypt | Registered: Dec 2005
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posted
my husband is egyptian so i am actually sort of asking for him, how to buy something there, we heard there were special offers for docs there thru the union or something but not so sure about actual mortgages from other sources such a s banks.
Posts: 29 | From: florida | Registered: Sep 2006
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quote:Originally posted by oldbag: OK I give in - how can you guys read these tiny arabic letters? I have to copy and paste them into Wordpad and blow them up big to read it.
surrender استسلمي
Posts: 2728 | From: جمهورية مصر العربية | Registered: Sep 2006
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posted
there are mortgage here but what i know is for egyptians and really take lot of prosedure , that the bank pay the flat price then you pay to the bank in monthly , but it is for egyptians and i dont know about forgeiners , and it will be in high rate by time
Posts: 248 | Registered: Aug 2006
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quote:Originally posted by schoolbound: Can u pay by monthly installments like a mortgage and if so, how and how do u get the financing within egypt?
All new compounds and most builders offer installment payments, from 2-5 years, with almost 50% down payment in most cases, and to be honest, its usually while its still under construction. Usually after construction or if you're buying a home from an existing buyer, they usually want all the money up front. There is no such thing as a 30 year mortgage as in Europe or America. The max a bank will loan, and keep in mind its only to specific compounds and builders, is 80%. It's not like the west where you borrow money and choose to live where you want to, oh noooooooooo.. only builders on their approved list, because you have to keep in mind they have stake in the property and 80% of Egyptian property is improperly or illegally registered. I wouldnt take any chances. Banks only loan when the person can own part of all of the land the flat or villa is own. Because many flats in Egypt only sell you the flat, and you don't own the land. So its best to buy the land and have your own built, as we did. That way we know we own the land, and its registered in our name with the courts. Get a good lawyer, because there is no such thing as a title search here, and you dont know who can come in the future and claim the flat you thought you paid for legally.
Make sure the person selling you the property has proof from the government that they own it free and clear, and not with their brothers or sisters in a inheritance.
This happened to a friend of mine, a guy sold a property and his sisters owned part of it, and they came back to claim their share, and the courts repossesed the property and forced the guy to pay back my friend, which they are still waiting to be repaid, this was 1 years ago. Last I heard the guy moved to Europe somewhere with the money.
Posts: 37 | From: egypt | Registered: Jul 2006
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quote:Originally posted by schoolbound: im interested to know the steps and costs of buying a flat in rehab or 6 october...anyone knw the details, like is there an upfront, is there option of monthly payments over time? any experience would be great. also any red tape about being a foreigner? proof of income etc? should my egyptian husband buy it or me as a foreigner...whats easiest?
I just had an email from a sales rep on the compound near 6th October I'm probably going to buy a flat on to move into next year, and he says that a 30 day tourist visa is sufficient to get the process underway and will just need to show my passport. There is an implication in there that I may need to actually be there for 30 days - but as I can't take that time from work, I may end up having to make 2-3 return trips in a short space of time.
I'm buying on my own, with no Egy husbands (Holiday or otherwise!) along for the ride.
They are asking for 20% deposit, then 30% divided equally between the months until they're completed (eg if its 12 months, 30%/12 per month), then I can either pay the balance on completion with a 7.2% discount on the price, or spread it out over 5 years at a financing cost of approx 5.5% p.a. A 1-bed flat is about 133000LE, 2-beds about 240000 - 4000000 and obviously more for more with completions of 1 - 1.5 years. Note these are all brand new builds and you can get cheaper elsewhere.
While I dream of living in central Cairo (and actually love the sound of the call for prayer reverberating around at dawn), I decided that buying from abroad it would be much simpler and safer to buy from the new developments and I think they will probably hold their value or be lettable once the administrative centres start relocating out there.
After about 3 minutes in a flat in central Cairo with the cockroaches, dodgy plumbing and wiring, horrific kitchen, two collapsed apartment buildings just a week or two before I got there all over the news, and the problems of proving ownership etc etc, I decided that while living in a compound might be a bit like living in Macdonalds, I will know what I'm getting, will have modern standards of infrastructure, and if its brand new, no 'previous owner' problems. There are also the two big hypermarkets (Carrefour and HyperOne) nearby.
I think that once I'm there and 'bedded in' is the time to buy plots of land and build villas or go exploring central Cairo.
Transport will be my biggest problem if I end up working a long distance away, but I will have to learn to use the bus, hire a driver, or maybe if there's enough people travelling every day, we could organize a taxi-bus between us.
People may wonder why I don't rent first when I get there and work it out from there - well that's just my personal choice and the ingrained Brit thing of propery ownership.
Posts: 5593 | From: Egypt | Registered: Dec 2005
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