Let’s take a closer look at one of the newest programs on the market, which will continue to operate in 2024.Citizenship of Egypt by investment program was launched in 2020. Initially, it became a response to a request that had been forming for many years on the part of wealthy citizens of African and Middle Eastern countries who needed legal status to stay in the country. The second goal of the program is to attract foreign investment to Egypt.
In 2023, the Egyptian Citizenship by Investment program underwent reforms, during which the minimum investment in real estate was reduced from $500,000 to $300,000.
What are the options for Egyptian CIP?
One of the newest programs on the market, Citizenship of Egypt by Investment, offers many options to choose from. Including the purchase of real estate in the amount of $300,000 (USD). Real estate can be purchased as full ownership or as a share. Thus, when buying a townhouse for $900,000, you can submit several applications for citizenship of Egypt at once. For example, an investor and a spouse with a child, as well as his parents and her parents. Please note that the main applicant must be male to be able to add a spouse to the application.
How to apply?
As a first step for obtaining Citizenship of Egypt by investment, you need to pay a fixed government fee of $10,000 (USD). Already in the process, you can decide which investment option to choose. The starting fee does not depend on the number of family members in the application. At the moment, applications for citizenship are accepted from candidates from all countries without restrictions.
What’s happening in the Egyptian real estate market? What makes it special?
Egypt’s Ministry of Housing has begun construction of 14 fourth-generation cities. The goal is to increase the number of housings in the country. It is planned to resettle more than 30 million people in new cities. The most ambitious projects are the new administrative capital, where on an area of more than 700 square meters. km will live 6.5 million people, and the city of New Alamein City. Its parameters are an area of almost 200 square meters. km and 3 million inhabitants.
At the first stage of construction, for example, in the New Alamain Towers project, on the Mediterranean coast, the cost of one square meter of housing was $2,000 USD, now, and at the end of 2023 it was $3,000 USD.
These are not abstract plans. The government is already moving to the new capital, cultural, educational, and healthcare facilities are already operating. Of course, many residential and commercial projects have been completed.
Who is the new Egyptian real estate mostly aimed at? For foreigners or Egyptians?
Almost all real estate projects, except those located on the Red Sea coast, are focused primarily on demand from local residents. But objects in the vicinity of Hurghada will attract foreigners more. The country wants to expand resorts to attract more tourists and increase hotel occupancy.
Renovation or prestigious new buildings in new locations?
There are old areas in Egypt. Some, where there is a lot of “unregistered” housing, are simply demolished and new neighborhoods are built in their place. There are areas where some of the historical buildings are being reconstructed. An example is the Maspero triangle in Cairo on the banks of the Nile.
The Maspero Triangle – a name derived from its triangle shape on the map dates back to the Mamluk era for some of its areas were established in the 1400s, while the rest of it was built in the 1800s.
If you want to live in a comfortable area in central Cairo, consider, for example, affluent Zamalek. There you will experience the life of a metropolis. Well, if you don’t want to live in the center of the old city and are not considering secondary housing, I would still recommend considering New Cairo.
The cosmopolitan area of Zamalek on Gezira Island is home to prestigious cultural venues such as the Cairo Opera, a majestic theater on the banks of the Nile that hosts performances and exhibitions. The Egyptian Museum of Modern Art contains paintings and sculptures from the 20th–21st centuries. Wealthy people prefer to live here, in Zamalek, although many of them move to the east and west of Old Cairo.
About risks and meeting project deadlines
Two years ago, the Egyptian president signed a law that does not allow sales to begin until the developer has completed 30% of construction. This significantly reduces risks. Delays happen. For example, a developer promises to deliver a project in three years, but in reality, only hands over the keys after four. But due to high demand, there is no risk of completely stopping the project. All developers are interested in delivering the project.
W Cairo branded residences in New Cairo. Spacious apartment with a terrace in a premium project managed by an international hotel brand. You can rent out an apartment through a management company. Floor-to-ceiling windows, spacious terrace with panoramic views. Communal swimming pool, 10,000 m2 of green area. 24-hour concierge service. At the construction stage, an apartment of 128 m2 with two bedrooms costs 759,238 USD.
You can apply for citizenship of Egypt through Apex Capital Partners. Get started with a free consultation.
