Red Sea Real Estate Assistance

The following article was first posted with El Gouna Yahoo Group and seems very useful information for a wider group of readers so is re-published here with permission of Lawyer Emad Sorour. Note comment on visa.
Lawyer and Legal Services
Hurghada, Red Sea - Egypt
Email: e_sorour@yahoo.com

Now many Foreigners have been making the Red Sea their home for
retirement or earlier resettlement. There are also many people who
come here just for several holidays in a year. I would like to
welcome all Newcomers to Egypt and hope that you will enjoy your new
life.

Very often, once people have settled in and made their new home, they
start to look for ways to invest funds or to start a new business
since Egypt offers many attractive incentives and possibilities for
foreigners in particular.

So they need Legal Advice and Assistance especially in purchasing a
real estate.

Concerning purchasing a villa, apartment or land in the Red Sea, one
needs to be sure that the Transaction is Legally sound and correct.
According to Egyptian Law any foreigner has the right to purchase a
Real Estate property in Egypt and register it under his name showing
100% of the ownership (a piece of land, a flat, a villa etc.).
You have right to get a Resident Visa if you have purchased a Real
Estate unit, which cost not less than 50 000 USD.

When buying a property, the involvement of a Lawyer is highly
recommended, since he will enquire about any possible liens
outstanding on the property in question, about the current
registration and ownership, and future town planning in that area.

When looking at areas to buy in, one should also consider the future
re-sale value of properties there. Some areas will always be in much
higher demand than others. At present, El Gouna, the Touristic Center
settlement in Hurghada, El Mustaba seem to be low-risk and profitable
areas to invest in.

Unfortunately, there are many cases when new settlers arriving to the
Red Sea area forego the need of a Lawyer, instead conducting
transactions on a trust and 'information gathered here and there"
basis.
Some places have not registration from the Government or have control
from credit bank.
This, more often than not, leads to future problems, since not
everyone is aware of the Legal Requirements and so might overlook an
important registration detail.

In Egypt as elsewhere in the world to be aware of Legal
Requirements, necessary registration details and, more important, to
avoid any possible loss of investment all contracts should be
finalized after they have been thoroughly checked and questioned by a
Legal Professional.

To make a proper contract is a very important point. We advise you
that all the contracts should be translated into your mother language
or done in the languages of both parties if any. The translated
contract should be verified and stamped by the official translator or
a legal attorney.

You are welcome in our office to consult with our highly qualified
Lawyers and discuss any aspect you are interested in and want to be
aware of.