MY LITTLE BIT O’ EGYPT ALL PICKED OUT:

12 Mar

Thinking about going home, to my roots- Egypt, the gateway between Europe and Asia, home to over 75 million with a GDP per capita, 2009, US $2,450. Two thirds of Egypts oil passes through the Suez Canal. The Passover Haggadah says my people were slaves there building sphinxes and pyramids and all other sorts of Pharohic pleasures. Been reading on line on globalpropertyguide.com. An apartment in Cairo? US $1322 per sq m. Al Rhab or Medinat October? $882 per sq foot. Sharm El Sheik? A new house costing about $45,160. Or, the Red Sea… properties under $76,943 US dollars. I think I found a place that is doable

$831 a square foot. Rental yield 9.4%. Rent is about $977. Income tax is 7..08%. The owners are non resident collecting 1500 euro a month rent. Cost of buying and selling? The round trip as it is called? 11.74% including transaction taxes and charges, lawyers fees and notary costs, agent fees. Real estate Finance Law passed fairly recently in 2001. Foreigners cant register more than two pieces of real estate, held for the first five years, rented furnished, intended for a family to live in. For the first time since the 1948 civil code, banks can repossess properties and evict owners defaulting on loan repayments. Politics are a bear, some say a tad fraudulent, wouldn’t you think with the same president seated f or 29 years running. Arbitrary arrests here and there. Minor technicality of Succession concerns when Mubarak dies (an Egyptian disclosure) Oh, and that little thing called the Muslim Brotherhood, Egypt’s oldest Islamist group. I hear the tunnels to Israel are open and running. A home in Egypt with a view? Nah, better off a home in Egypt with a tunnel to the Promised Land and a lesson of real property preservation America should learn a thing or two from. So I’ll go home, in time, eventually, maybe…. when the Muslim Brotherhood leave…

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