A steep price to pay, with a similarly steep catch.
In collaboration with various Egyptian real estate companies, the Ministry of Housing and New Urban Communities has set out to promote Egypt’s real estate to foreign markets as part of an initiative put forth by Prime Minister Mostafa Madbouly.
The Ministry of housing is looking to bring in USD two to three billion's worth of sales revenues from the move. The Ministry has already met up with several companies including Talaat Moustafa Group, Al-Ahli for Real Estate Development, Misr Italia Group, Roaya Real Estate Group, and Arabia Group for Real Estate investment to deliberate about the game plan. 30% of real estate will be offered up for sale in both Arab and European countries.
Vice Minister of Housing for National Projects, Khaled Abass, added that the total of global real estate sales amounts to $150 billion.
Moreover, foreigners buying real estate in Egypt worth $400,000 (yeah, U.S. dollars) will be granted a five-year residency, and those buying real estate worth $300,000 will be granted a three-year residency, according to Abass.
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