The Egyptian Ministry of Housing, Utilities and Urban Communities has announced that it will receive applications for 5,000 new housing units until October 19. These units are part of the "rent-to-ownership" system and will be delivered within three years. The housing units are being implemented in eight new cities: 6th of October, El Obour, Borg El Arab, El Alamein, El Tenth, El Sadat, El Minya and Sohag.
The housing units on offer have areas ranging from 90 to 126 square meters. The Ministry has set specific income criteria for applicants, dividing them into two categories. For the first category, the minimum monthly income for single individuals is EGP 12,001, while the maximum is EGP 21,000. For families, the minimum monthly income is EGP 16,001, and the maximum is EGP 28,000. These criteria apply to units priced at less than EGP 2 million.
The second category has a higher income threshold, with single individuals needing a minimum monthly income of EGP 21,001 and a maximum of EGP 33,000. For families, the minimum monthly income is EGP 28,001, and the maximum is EGP 44,000. These criteria apply to units priced at more than EGP 2 million. The prices of the housing units vary depending on the city and type of housing.
In 6th of October City, the price of an "excellent housing" unit is EGP 1,776,000. In El Obour City, the price of a similar unit is EGP 1,795,000, while in Borg El Arab City, it is EGP 1,748,000. The prices of "Egypt Housing" units also vary, with a 116-square-meter unit priced at EGP 2,472,000.
The Ministry's plan to provide affordable housing units aims to meet the needs of various segments of society. The "rent-to-ownership" system allows applicants to own the units after a certain period. The Ministry has not disclosed the number of applications received so far but has urged interested individuals to submit their applications before the deadline.
The Egyptian government has been working to address the housing shortage in the country, with a focus on providing affordable housing units for low- and middle-income families. The Ministry of Housing has launched several initiatives to achieve this goal, including the development of new cities and the provision of housing units at subsidized prices.
The deadline for applications is October 19, and interested individuals can submit their applications through the Ministry's website or at one of the designated centers. The Ministry will review the applications and select the eligible candidates based on the set criteria. The selected applicants will then be able to sign contracts and start the process of owning their housing units.
Key points
- The Egyptian Ministry of Housing sets October 19 as the deadline for applications for 5,000 housing units in eight new cities.
- The housing units have areas ranging from 90 to 126 square meters and are priced between EGP 1.7 million and EGP 2.5 million.
- The Ministry has set specific income criteria for applicants, dividing them into two categories based on their monthly income.
