Ashraf Boulos: Golden Residency is the Magic Solution for Attracting Foreign Clients and Exporting Real Estate

Engineer Ashraf Boulos, Chairman and Managing Director of Cornerstone Real Estate Development, emphasized that exporting Egyptian real estate is one of the most important areas currently under development, given its role in bringing hard currency into the country and strengthening the economy. He pointed out that Egypt possesses attractive assets and robust strengths that enable it to achieve progress in this important area, including attractive cities and regions, distinguished real estate prices, and the presence of major real estate development companies with expertise and competencies that offer a distinctive product.
He pointed out that the current period requires focusing on attracting foreign clients to the Egyptian market, especially with the distinguished prices, the availability of more projects, and the high return on investment in Egyptian real estate compared to other countries.
He explained that providing the Golden Residency (Golden Visa) to foreign clients is the magic solution to attract them to the Egyptian market. This mechanism is followed in countries around the world that have made progress in selling real estate to foreigners, such as the UAE, Portugal, Greece, the UK, and, more recently, the United States. He pointed out that obtaining a golden residency is linked to the purchase of a property at a specific price, such as $100,000 or more. This residency provides the buyer with numerous benefits that guarantee their presence in the country and facilitate many procedures.
He noted that Egypt boasts attractive areas for foreign buyers, such as the Red Sea and the North Coast, in addition to new cities.
He stressed the need to launch major marketing campaigns to promote Egyptian real estate and inform buyers from around the world of the opportunities and advantages of purchasing.
Regarding real estate prices in the coming period, Engineer Ashraf Boulos said that real estate will undergo price increases, naturally emanating from the recent rise in fuel prices and their direct impact on implementation costs by at least 10% to 15%.
He pointed out that the market has witnessed price stability in recent months, with companies offering special offers to customers, which has contributed to a relative correction in prices, especially for companies that set unconsidered prices. He added that reducing bank interest rates is a positive decision that will contribute to boosting the real estate market, as it will encourage customers with savings and liquidity to invest in real estate as a higher-yielding investment, which will also contribute to raising prices.