Egypt's Social Housing and Real Estate Finance Support Fund has announced a new offering of social housing units for rent. The fund's CEO, Mai Abdel Hamid, revealed that the monthly rent starts at 1,500 EGP in provinces and 2,000 EGP in new cities. The rent can go up to 5,250 EGP depending on the unit's size and location. This initiative aims to provide affordable housing for low-income citizens.
The new scheme allows tenants to pay a maximum of one-quarter of their monthly income, with a cap on the combined income of spouses at 16,000 EGP. Abdel Hamid explained that the state will cover the difference between the actual rent and the amount the tenant can afford, with a maximum support of 100,000 EGP throughout the contract. This support will enable citizens to live in complete units with all amenities.
The program targets young people and newlyweds between 21 and 35 years old, providing them with suitable housing without the burden of immediate ownership. The available units come in two models: 75 square meters with two rooms and a living area, and 90 square meters with three rooms and a living area. All units are fully finished and equipped with utilities, ready for immediate occupancy.
A total of 26 provinces and new cities will have these housing units, including around 8,500 units in the provinces. The allocation of units will prioritize those with the lowest income, followed by families with children and newlywed couples. Applicants who do not win in this round can still participate in future offerings and retrieve their deposits immediately.
Abdel Hamid also mentioned that the current program is a pilot experience to gauge demand, and the possibility of expanding it to include older age groups will be considered based on the results. For those above 35, an alternative program by the New Urban Communities Authority offers a 20-year rent-to-own plan.
The new social housing units are part of the government's efforts to provide affordable housing for low-income citizens. With this initiative, the government aims to support those who cannot afford to buy or rent homes at market rates. The program is expected to benefit thousands of citizens.
Interested applicants can submit their applications and retrieve the application forms from the fund's website. The fund will announce the winners and allocate the units after the application period closes and the necessary documentation has been processed.
Key points
- The monthly rent for the new social housing units starts at 1,500 EGP in provinces and 2,000 EGP in new cities.
- The state will cover the difference between the actual rent and the amount the tenant can afford, with a maximum support of 100,000 EGP throughout the contract.
- The program targets young people and newlyweds between 21 and 35 years old.
