Applications Open for Social Housing Units in New Cities in December

Monday, 31st October 2016

Reservation date for units in New Cities will be opened this December according to Mostafa Madbouly, the Minister of Housing, Utilities, and Urban Communities.

The units will be located across 19  governorates across Egypt, including Alexandria, Qaliuibya, Sharqiya, Menoufiya, Gharbeya,  Beheira, Giza, Fayoum, Beni Suef, Minya, Assiut, Sohag, Qena, Luxor, Red Sea, New Valley, Aswan, Matrouh and South Sinai, stated Salah Hassan, Deputy of  Finance at the Mortgage Fund for Social Housing.

The houses will be targeted for citizens with incomes ranging between EGP 2,500 to EGP 4,000 for single citizens, and EGP 3,500 to EGP 5,000 for married citizens, including three-bedroom units with sizes ranging from 90 to 95 square meters, added Madbouly.

The selling price for the units within the finishing phase is EGP 180,000, while units that will be delivered after one year cost EGP 198,000, including 5% of the unit price that will be included for maintenance fees, according to Mai Abdel Hamid Head of the Social Housing Fund.

Applicants have to pay a down payment of EGP 15,000 that will be refundable if they do not receive units and an additional EGP 150 administrative fees in any post office nationwide.

The three-bedroom units that are scheduled to be offered within one year are located in Badr City, 6th of October City, and Obour City, measuring 95 square meters.

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