As part of the government’s efforts to bolster the country’s foreign currency reserves and encouraging foreign investments, the Egyptian Cabinet issued a decree on Wednesday to ease regulations for foreigners looking to own residential properties in Egypt.

However, the new regulation requires that these transactions be conducted using foreign currency.

According to an official statement, foreigners interested in acquiring properties within Egypt will be required to deposit the full value of the units into a state-owned bank, but foreigners are now not limited to two residential properties that must be in different cities.

Previously, foreign ownership of residential properties and land had an imposed limit of two residential properties per individual or family for personal use, with each property not exceeding 4,000 square meters.

In May, Prime Minister Mostafa Madbouly had announced the government's intention to eliminate all barriers to foreign purchases of real estate in Egypt.

The Interior Ministry recently announced that foreign investors would be granted with six-month to one-year residency visas to investors while establishing their companies in the country.