Things You Should Know Before Buying an Apartment in Egypt

Who among us does not wish or to need to buy an apartment before prices go up whether to get married or just as an investment?

Which is why Faydety will tell you everything you need to know on how to buy an apartment in Egypt especially if you want to take advantage of the mortgage initiative, and we will also tell you about the procedures for buying an apartment in Egypt.

What does mortgage mean?

Through real estate financing or mortgages you can buy your dream home as it is a loan you take from a bank or a credit institution in order to buy a property. The property becomes the collateral for the loan until the loan is paid off. Sometimes real estate financing is available from the real estate company itself under certain conditions.

Learn more about the mortgage initiative from here, how to apply for the Central Bank’s mortgage initiative?

Do your research and choose the right bank for you?

Every once in a while, banks try to compete with each other to provide the best service with the least interest which is currently taking place with mortgages since the real estate market has many options for rent and sale.

Use the Central Bank’s mortgage initiative calculator on Faydety 

4 essential points to take into account when buying an apartment in Egypt:

• Visit the apartment yourself and check the layout and size in real life not just on paper.
• Check the building licenses and the number of licensed floors so that you are not subject to fines or eviction.
• Make sure that all utility services are available: electricity, gas, and water and that there are no problems with the meters.
• Check that all utility bills such as water, natural gas, and landline phone are paid.

One of the most important pieces of information in the contract is the exact size and dimensions of the plot of land with its number.

Every contract must have the following information:

• The full name of the buyer and the seller as well as the national ID numbers and addresses (place of residence) of both parties.
• A written statement detailing the unit sold.
• The property’s full address including the property number, street name/number, neighborhood, area, and governorate.
• Plot number and dimensions.
• The price and payment schedule and method must be written clearly.
• The chain of ownership must be clear from the beginning and up to the current seller. All contracts must be registered with the notary offices (Shahr 3aqary) and the buyer must have them when signing the contract.
• Building permit number and date must be noted.
• Including a clause stating that either the buyer or the seller bears full responsibility for hidden defects in the property, whether physical, material, or legal defects.

Secure your home:

Home insurance protects you in case an unforeseen event such as a fire occurs, and since you invest a lot of money in your home it is always better to insure it, because home insurance covers the property, interior decorations, and furniture in different proportions. An example of an unforeseen event can be:

• Fire, lightning and explosions.
• Storms, wind, floods, earthquakes.
• Theft committed by non-family members or those employed by the family.
• Water damage caused by fresh water pipes and malfunctioning water devices.

Get your own home insurance through Faydety now!