Egypt has updated its property tax law

Photo: Loic80l

The new regulations, announced in September 2014, will tax owners of property on the basis of the value of each unit in their possession, rather than the total amount of their real estate.

While some have been concerned that this would include certain homes, The Daily News Egypt confirms that the levy will exclude any units worth underneath EGP2 million, which will benefit families as well as investors with a portfolio worth more than £2 million but worth far less separately

The update also introduces a cap on revaluatons, of 30 per cent (residential) and 45 per cent (other property typeS).

Residential homes with a rental value of under EGP24,000 are also excluded from the tax.