The Expression of Interest system is a strong tool in the Egyptian real estate market for both buyers and developers. Yet, what is EOI, and how does it help you?
What is EOI?
An EOI is the small, refundable deposit that interested property buyers pay to highlight their interest in any particular property before the official project launch. Basically, this is the booking fee that pre-qualifies the interested home buyer and gives him early priority access to new real estate developments.
How EOI Benefits Property Buyers?
Priority Access: Upon submission of an EOI, buyers are usually first in line when the property is released; this will thus provide them with a very good opportunity to get the best units.
Discounted Pricing: Early buyers before the launch come aboard with special pricing and terms that are not available at the launch.
Fully Refundable: An EOI deposit is refundable, you are not obligated to the purchase should you change your mind.
Overview of How EOI Helps the Real Estate Developers
EOIs for the real estate developers are basically an early indicator of market demand and thus help the developer to have an idea about the interest in a project. Before a full launch, this helps developers in planning and can make necessary adjustments in pricing or tweak the offering to meet buyer expectations.
For example, Cala Sahl Hasheesh Resort is currently accepting EOIs for their project
Find out more the Top 5 reasons to invest in Cala
Why You Should Be Confident Making an EOI Payment?
Commitment makes many buyers wary of paying the EOI; in fact, this is a nonbinding payment which is fully refundable, thus offering a low-risk way for securing a future property. Generally, it shows that one is serious about the development, but their immediate financial commitment is not necessary.
At CSC International Property Egypt, we encourage you to make use of the EOI system to secure your place in exciting new projects. It’s a chance to get ahead of the crowd, lock in possible savings, and explore your dream property at your own pace with no stress.
Frequently Asked Questions (FAQs)
When should an EOI be submitted?
It is best if you submit your Expression of Interest during any prelaunch phase of a project. This will give you priority access to the best units and often special pricing.
How can I submit and fill out an EOI?
Filling out an EOI is rather easy. You need to approach the developer or agent for the form. They will walk you through the process and collect necessary information such as, ‘what property you aim to buy’ and ‘payment terms’.
What is the deposit amount I am expected to pay for an EOI?
It usually ranges between 50,000 to 100,000 EGP, depending on the project. The amount is refundable in case one does not proceed with the purchase.
How can I be informed about new projects offering EOI?
You would be informed through developer newsletters, websites that display real estate, or an alert signed up with property agents who most regularly handle pre-launch offers.
Is submitting an EOI as a foreigner safe?
Yes, it is totally secure as a foreigner to submit an EOI. The different developers dealing with international buyers have kept a safe process through which the transaction can be seamless.
Is the EOI system legal in Egypt?
Yes, it is legal and quite a common system in the Egyptian real estate market. It helps developers to get an idea about the demand and enables buyers to book their spot at an early stage of the purchasing process.
