Cairo - Mubasher: The Egyptian Cabinet has approved on Wednesday a proposal to amend the rules for granting resident visa to foreigners who purchase residential units.

According to the statement of the Egyptian Council of Ministers, the value for granting the visa has been increased from the current $50,000 to 100,000, when asking for a one-year visa, gradually increasing to 400,000 for the five-year visa.

The decision, which was attributed to the recent rise in real estate prices, was announced after the weekly cabinet meeting that was chaired by the Prime Minister Sherif Ismail.