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Frequently Asked Questions
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El Gouna FAQ
Q.
What kinds of facilities does El Gouna offer?
A.
- Nurseries and childcare - International school K-12 - University field center - Hotel training school - Community library - Private airport - European-standard hospital - Wireless, high-speed internet
Q.
What sorts of activities are available in El Gouna?
A.
Innovative dine around program. Shops ranging from souvenirs to boutiques. 18-Hole USPGA championship golf course, 2 Angsana spa outlets, Desert safari, Certified diving centers, Kite surfing centers
Q.
Is the contract legally registered?
A.
Yes, when the total amount of the unit has been fully paid.
Q.
What are the registration fees?
A.
2,000 EGP per unit.
Q.
What taxes need to be paid? And how much?
A.
Real Estate Tax is paid once per year and it is the evaluated rental price of 1 month. Capital Increasing Tax, Applied only when unit is resold. It starts at 20% from the capital increase in the price of the unit.
Q.
What is the property annual price increase?
A.
It starts from 10% and it goes up to 15%.
Q.
Can I do internal modifications?
A.
Yes. But only applies for villas.
Q.
Can I choose my own interior colors and cabinet colors?
A.
Yes. But only applies for villas.
Q.
How much are the maintenance fees?
A.
The fees vary from one neighborhood to the other. The average fees are € 700 for villas and € 450 for apartments.
Q.
What are the services returned against the maintenance fees I pay?
A.
Public landscaping maintenance, spraying insecticides and garbage collection, streets, side walls and public areas maintenance, lagoons and beaches maintenance, satellite system maintenance, water supply, sewage and electricity maintenance, external public lightning, security
Q.
Can I sell my property to a third party? How much will I be charged in commission?
A.
A property can be resold to a third party through Orascom at a 6% commission.
Q.
What is the procedure I have to follow in order to resell my unit?
A.
The procedure is as follows: i. A resale application form has to be filled out. ii. Verification of any due amounts from the financial department. iii. Signing of a resale agreement.
Q.
Is there a rent guarantee?
A.
No.
Q.
Can I easily rent my property?
A.
Definitely. A property can be rented through Orascom at a 20% commission.
Q.
What are the average rental prices?
A.
The average rental prices for 1 - 3 bedroom apartments are $450 - $1,250 per week. The average rental prices for 2- 3 bedroom villas are $550 - $1,725 per week.
Q.
Do I own the land on which I purchase a property?
A.
In the case that you purchase a villa you own the unit and the land built on footprint and you have the right to utilize the land plot surrounding the property. In case you purchase an apartment you own the apartment and you have a public share in the land which the building is built on shared with the rest of the owners. This share is based on the ratio of the area of the owned unit to the total area of units in the building.
Q.
Is the ownership freehold?
A.
Yes.
Q.
What are the related property ownership laws for foreigners in Egypt?
A.
Law 230 of year 1996 on July 14, Law No. 230 of 1996 was issued superseding Law No. 56 of 1988. The new law allows non-Egyptians to own real estate whether built or vacant with the following conditions: That ownership be limited to only two real estate properties throughout Egypt, in addition to the right to own real estate needed for activities licensed by the Egyptian Government. That the area of each real estate not be in excess of four thousand square meters. That the real estate is not a historical site. Non-Egyptians may only sell their real estate five years after registration of ownership, unless the consent of the Prime Minister is obtained.
Q.
Do you offer financing methods?
A.
Yes. Through Tamweel Mortgage Finance.
Q.
What mortgages are available?
A.
Loans are available in EGP, USD, EUR and GBP. The following terms are available: i. Loan size: Minimum EGP 50,000 and maximum EGP 500,000. ii. Loan To Value ratio: For self-employed investors up to 60% of property value. For investors who are employees up to 75% of property value. iii. Debit Ratio: Installment not to exceed 40% of net monthly income. iv. Loan duration: Up to 10 years. v. Interest rates: EGP – 13.5% p.a. ,USD – 8.50% p.a. ,EUR – 8.00% p.a. ,GBP – 9.50% p.a. vi. Administrative fees: 2% flat, payable upfront upon booking of the mortgage loan. vi. Prepayment fees: 2% on the outstanding mortgage loan balance.
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