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Dr. Abdel-Hamid Al-Wazir: The Cabinet's decision to lift restrictions on foreigners in buying real estate contributes to increasing the export of real estate

 

Dr. Abdel Hamid Al-Wazir


Dr. Abdel-Hamid Al-Wazir: The Cabinet's decision to lift restrictions on foreigners in buying real estate contributes to increasing the export of real estate


The Cabinet's decision to lift restrictions on foreigners contributes to increasing the export of real estate, explaining that the Egyptian real estate market is characterized as a promising and competitive market in terms of quality and price, said Dr. Abdel Hamid Al-Wazir, Chairman of the Board of Directors of Arabisk Real Estate Development Company and Chairman of the Follow-up and Support Committee of the New Cairo Developers Association.


He explained that the export of real estate is the winning horse to activate the sales movement in the field of real estate during the next stage, explaining that there are several targeted returns from activating the movement of exporting real estate by selling it to foreigners, and stimulating the Egyptian real estate industry and the dense employment opportunities it produces by opening foreign markets.


The Prime Minister announced that the government decided to allow foreigners to own real estate inside the country without being bound by a specific number, according to controls related to paying the value in free currency, pointing out that the state, within the framework of facilitating the allocation of land to investors, will work to speed up land registration for the investor who does not violate the existing conditions.


He added that foreigners in the old law were facing challenges in owning real estate, because the law specified that they own only two real estate as a maximum for them, indicating that this decision facilitates the ownership of real estate by foreigners.


A decision was also issued to grant foreign investors applying to the General Authority for Investment a one-year residency for “non-tourism” renewable for an additional 6 months or a year during the establishment of companies and economic entities, within the framework of facilitating the procedures related to the establishment of investment projects and attracting more foreign investments. for the country.


He continued: The state has made a great effort during the last period in launching many new cities, which contributed to achieving an urban renaissance, as the state established no less than 40 new cities, which contributed to showing the extent of the excellence of Egyptian real estate, as the Cabinet revealed that the volume of investments increased 15 times over the last period.