Quote:
Originally Posted by dave99
Hi Zeiad Yehia,
Nice to see you back on the forum.
Is it possible that there are developments in Sharm or Hurghada that are exempt from the 5 year rule on selling.
I've been told by one lawyer that represents a development that it does NOT apply to them even though they are in tourist area - seems unlikely to me.
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Thanks Dave. To put it very simple, if we're talking about a foreigner purchaing a property in Sharm, this is usufruct here and not freehold. Consequently there'd be no restriction of nay kind on that, while if we're talking about FREEHOLD properties OUT OF Sharm, the 5 years restriction legally applies no matter what, and regardless of what being said with whoever. It is law and it was clear enough to mention the 5 years restriction. May be some people do otherwise, may they don't register and they do this and that instead. But However I am here to speak the PROPER LAW AND PROCEDURES, in order not to encounter unexpected pitfalls in the future.
If that lawyer was in Sharm then he was speaking the truth, but if he was not...ummm... then he was not!