Egypt lifts restrictions on foreigners owning property

 


In an effort to draw in more international investment, Egypt will lift restrictions on foreign ownership of real estate.

In a press conference on Wednesday, Prime Minister Mostafa Madbouly said that the government will lift rules that limit foreigners to owning no more than two homes, both of which must currently be located in different cities.

In response to complaints about processing delays at the Supreme Council for Investments, he said that the state will try to expedite land registration for investors.

Madbouly said that the council wanted to boost private sector investments to match or exceed those made by the government. After three years, the goal is for between 60 and 65 percent of all investments to come from the private sector.

The entire amount of private and public investments planned for 2023–2024, according to the prime minister, was around 1.64 trillion Egyptian pounds. Comparatively, from 2005 to 26 there were around 115.7 billion Egyptian pounds ($3.74 billion).

According to Madbouly, international and domestic investment will assist to lower inflation and relieve pressure on commodity prices.

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