Egypt's housing market is experiencing rapid growth, driven by high population rates and strong demand for housing units. According to Dr. Mai Abdel Hamid, CEO of the Social Housing Fund and Real Estate Finance Support, the new republic has made significant efforts to change the reality of housing for low-income citizens. The initiative "Housing for All Egyptians" aims to build 1 million housing units for low-income citizens and create integrated urban communities.
The Social Housing Fund and Real Estate Finance Support has successfully implemented over 1 million housing units for low-income citizens. Specifically, 890,000 units have been completed, while around 182,000 units are currently under construction, and 6,000 units are being prepared for implementation. This was achieved through 22 allocation announcements for sale and rent, with 2.4 million applicants and an average unit price of 344,000 Egyptian pounds.
The fund's strategy focuses on directing housing investments according to actual demand and housing needs, achieving geographical inclusion and balance in unit distribution across various governorates and new cities. The Cairo Greater region received the largest share of housing units at 59.7%, followed by the Delta region at 15.9%, and the South Egypt region at 8.07%. This reflects the fund's efforts to balance responding to demand and meeting the needs of areas with the greatest requirements.
The program, within the framework of Egypt's 2030 vision and the strategic urban development plan 2052, adopts a strategic approach to spatial planning. This involves expanding the provision of housing units in new urban cities, contributing to the redistribution of population density and achieving balanced regional development. As a result, the percentage of inhabited areas has increased from 7% to 14%.
The fund targets building units on the outskirts of existing cities, within a 60-minute distance from workplaces, reducing congestion in urban centers and limiting the encroachment on agricultural land. The program also provides over 15,714 service projects, including nurseries, schools, and hospitals. The fund offers housing units with areas of 75 and 90 square meters for low-income citizens.
The fund provides various forms of support, ranging from 50% to 60% of the unit's price, such as direct cash support, which is deducted from the unit's price based on the beneficiary's income level. The cash support can reach 180,000 Egyptian pounds. Additionally, the fund offers indirect support, including not bearing land costs or implementing public facilities and services.
Dr. Alaa Zahran, a professor at the Center for Macroeconomic Policies and former head of the National Planning Institute, stated that the seminar aims to highlight the role of urban policy and social housing programs in providing affordable housing and integrated urban communities that support the most vulnerable groups.
Key points
- Over 1 million housing units have been offered and implemented for low-income citizens in Egypt.
