The Egyptian Cabinet has given its approval for a law on Wednesday that permits foreigners to own residential properties in Egypt, as stated in an official announcement.
The law requires the payment for residential units to be made in foreign currency through transfers to state-owned banks.
In May, Prime Minister Mostafa Madbouly had previously announced that foreigners would have unrestricted ownership rights for properties in Egypt.
This new law is part of Egypt’s broader efforts to attract foreign investments and secure more foreign currency.
In mid-May, the Supreme Council for Investment introduced 22 decisions aimed at promoting foreign direct investments (FDIs) and private investments in Egypt.
Additionally, the New Urban Communities Authority (NUCA) implemented various benefits and incentives for investment projects in new cities, particularly concerning land utilization.
