The Egyptian Ministry of Housing, Utilities and Urban Communities has announced that it will open the door for applications for 25,000 new housing units in new cities and governorates, starting from Sunday, September 20. The units will be offered through two schemes: rent and rent-to-own. The rent-to-own scheme will be offered by the New Urban Communities Authority, while the rent scheme will be offered by the Social Housing Fund and Real Estate Finance Support.
The rent-to-own scheme will include 10,000 housing units, with 5,000 units already completed and ready for delivery, and 5,000 units to be constructed over the next three years. The units will be located in 26 new cities across Egypt, including Cairo, 15 May, Badr, and New El Alamein. The units will have various areas, ranging from 57 to 161 square meters, and will be part of various projects, including the "Sakan Egypt" and "Dar Masr" projects.
The rent scheme, on the other hand, will include 15,000 housing units, which will be offered to citizens with low incomes. The units will be located in new cities and governorates, and will have various areas and rental values. The scheme is part of the presidential initiative "Housing for All Egyptians 9". Applications for the rent scheme will be accepted starting from September 20, and will continue until October 28.
The Minister of Housing, Utilities and Urban Communities, Eng. Randa El-Manshawy, stated that the launch of the new housing units is in line with the directives of President Abdel Fattah El-Sisi to expand the offer of housing units to citizens through the rent scheme. She added that the rent scheme is one of the axes that the ministry is working on to develop the rental system and provide various and sustainable housing solutions for different segments of citizens.
To be eligible for the housing units, applicants must be at least 21 years old and not more than 45 years old, and must have the ability to contract and dispose of the unit. They must also not have previously owned a housing unit or a piece of land, and must not have previously benefited from a subsidized housing unit. The maximum income for applicants is set at 16,000 pounds per month for a family.
The units will be allocated through a random selection process, and 5% of the units will be allocated to people with disabilities. The rental values for the units will vary according to the location and area of the unit. Applicants will be required to pay a deposit and monthly installments for a period of three years before taking possession of the unit.
The Social Housing Fund and Real Estate Finance Support will provide support for the rent scheme, with a maximum support of 100,000 pounds per unit. The fund will also provide financing options for citizens to purchase the units. The launch of the new housing units is expected to provide a solution to the housing crisis in Egypt and to help low-income citizens to access affordable housing.
Key points
- The Egyptian government has launched a new initiative to provide 25,000 housing units through rent and rent-to-own schemes in new cities and governorates.
- The initiative aims to provide affordable housing options for low-income citizens and to help address the housing crisis in Egypt.
- The units will be allocated through a random selection process, and 5% of the units will be allocated to people with disabilities.
