Egypt New Administrative Capital

[12345]

Hi do you think that it is a good real estate investment?
I'm afraid it could result in ghost town or that there is no strong rule of law in Egypt.

 

[Marketint]

this channel is good to watch if you considering Egypt cbi. This video is specific about the new capital. At the moment it's still a ghost town.

He posted also 2 interviews with the government about the program. Worth too watch.

But he gives also a warning about the risk to get your money out of the country later. You can sell the property after 5 years.

I have checked HSBC about it International Money Transfer | HSBC Egypt

So I am not sure about the real situation. Maybe somebody from Egypt here that can tell us more about this risk where he is referring too? And beside in 5 year there can happen a lot in this region.

 

[Martin Everson]

Marketint said:
And beside in 5 year there can happen a lot in this region.
Click to expand...

That would be my major concern. The geopolitics of the region and the ousting of the previous elected government of Morsi (love them or hate them). Plus the 40% drop in Suez canal traffic due to Houthi attacks means less revenue for government and it may never come back as the Northern route which may open up may kill the need for the suez canal as its a shorter route. Egypt would need to show me they have a solid economic plan for the future for me to invest in real estate in their new capital.



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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Sols]

As with any high risk investment, only put in what you're comfortable losing.

Investing in Egypt should be considered high risk.

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This is the probably the answer to your question.

 

[MoeHassan6832]

Egyptian here.

it's extremely hard for us to get money out of here, banks have very strict rules about what money can flow out, perhaps it's different for foreign non-citizens, you should make your due diligence in any case, make sure you can get your money out of there when you decide.

and, honestly, the city is still a ghost city, I was just passing by recently.