Dubai, United Arab Emirates (CNN) —
The Egyptian government has begun implementing executive procedures for a project that grants residency in Egypt to foreigners after purchasing real estate within the country.

On Friday, Dr. Mostafa Madbouly, Prime Minister, Minister of Housing, Utilities, and Urban Communities, held a meeting to facilitate the executive procedures for granting temporary non-tourism residency to foreigners who own one or more properties in Egypt. The meeting was attended by officials from the Ministries of Housing and Interior.

According to a decision issued by the Egyptian Minister of Interior, foreigners may be granted temporary residency for non-tourism purposes for a period of five years, renewable, if they own one or more properties in Egypt with a value of no less than USD 400,000, and three years for those who own properties valued at no less than USD 200,000.

Interior Ministry officials confirmed that the procedures required to obtain residency under this decision will not take more than one week, and that coordination will take place among the relevant authorities to overcome any obstacles and facilitate residency permits for any foreigner purchasing property in accordance with the decision.

In an official statement, the Prime Minister said that the new law—along with regulations governing certain aspects of real estate registration in new urban communities—will contribute to encouraging the export of Egyptian real estate abroad, generating significant foreign currency revenues and revitalizing the real estate development sector.

For his part, Dr. Bassem Klela, Chairman of the Nile Real Estate Conference and Exhibition, which is organized in Gulf countries to promote Egyptian real estate exports, stated in exclusive remarks to CNN Arabic that the new government procedures will support the export of Egyptian real estate, attract foreign currency to the country, and increase tourism activity resulting from these investments.

Klela also revealed that the previous edition of the exhibition in Abu Dhabi recorded sales worth EGP 1.1 billion (USD 61.5 million), noting that the upcoming edition will also be held in Abu Dhabi at the end of November 2018, and is expected to witness strong demand reflecting the attractiveness of Egyptian real estate for investment and tourism.