MENA

Demand is “Massive and Organic”: Hany Mostafa Moawad on Property Investment in Egypt

With a strategic location and one of MENA’s biggest economies, Egypt is a desirable destination for many seeking business and pleasure, particularly for investors from the GCC region. In 2020, it launched its citizenship by investment program to give foreigners an easy and quick route to citizenship while attempting to shore up its foreign currency reserves.

Investors can get Egyptian citizenship by donating US$250,000 to the state treasury, investing US$300,000 in real estate or US$350,000 in a business, or making a 3-year deposit of US$500,000 in a local bank. Egypt also has a golden visa program with a minimum investment of US$50,000.

As the Citizenship by Investment Unit’s deputy head recently revealed to IMI in an interview, the CBI program has attracted over 1,000 applicants so far, about three-quarters of whom have been Syrian.

Unlike many countries that restrict foreigners’ access to local real estate markets for fear of price hikes, Egypt has expanded its real estate offering for investors. Initially, it was limited to government-owned projects but, as of last year, any real estate purchase nationwide would qualify for CBI, explains Hany Moawad, managing director at Prime Properties.

“All real estate is now open. Primary, secondary, resale – there are no restrictions. […]Everyone can buy anywhere except for the Sinai Peninsula,” said Moawad, speaking to IMI on the sidelines of Global Citizen Week Cairo 2024.

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He isn’t concerned about the program’s potential inflationary impact on the real estate market, as many have alleged to be the case in other countries.

In Egypt’s case, he explains, the demand for real estate is massive and genuine. “The number of people [foreigners] buying real estate for citizenship is negligible compared to the overall demand – so I don’t see any potential negative impact.”

Foreigners, he says, purchased more than half a billion dollars worth of properties in Egypt last year. The demand, he says, is strong, and there are waiting lists for new properties. As a consequence, he says, there is little need for foreign buyers to worry about inflated markups. “The demand is organic.”

He also explains that Egypt has a variety of real estate offerings. Investors seeking immediate rental revenue should opt for properties in the Red Sea area, and others seeking the biggest ROI should consider the New Administrative Capital, currently under construction east of Cairo.

In the video below, Moawad explains what makes Egypt’s CBI program promising and expands on his tips for real estate investors on how to make the most of their CBI investments.

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Moustafa Daly AdministratorAuthorParticipant
Head of Digital , IMI

Moustafa Daly is the Head of Digital at IMI, based in Cairo.

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