Deadline Extended to Reserve Units at Beit Al-Watan Project

Tuesday, 12th July 2016

The Egyptian cabinet agreed to extend the land reservation deadline for Egyptian expatriates for the Beit Al-Watan project and the units at the Rehab and Madinaty project until July 21st due to numerous national holidays in this period, announced Mostafa Madbouly, Minister of Housing, Daily News Egypt reported.

The Ministry of Housing has offered plots of land as part of the third phase of Beit Al-Watan Project in New Cairo, 6th of October City, New Damietta, Sheikh Zayed, Badr, New Assiut, New Qena, and New Aswan, according to Amwal Al Ghad.

Reservations for land plots in the new phase of the Beit Al-Watan project can be handled through the ministry’s online portal for  Egyptian expatriates.

Around 1,320 residential in Madinaty Project units were offered by the Ministry as well as 1,248 units in the Rehab project, both projects are in New Cairo and offered for Egyptians living abroad.

The offered units vary in their design model and range from 58-162 square meters. They are completed and ready for immediate delivery.

Applicants need to hold the Egyptian nationality and be over the age of 21 to be eligible to purchase the units, announced Khaled Abbas, Assistant to the Minister of Housing for Technical Affairs.

Each applicant can reserve up to three plots of land in each city, across all available cities in all project phases. The booking and payment are handled via bank transfer from abroad in US dollars, or via personal bank accounts according to the Central Bank of Egypt’s (CBE) instruction, explained Abbas.

“Units will be allocated 10 days after the reservation deadline to allow the CBE to arrange transfers according to the time and date of allocation. The delivery of land begins in January 2017 for all cities, and in June 2017 for New Cairo,” Abbas said. “Regarding the payment protocols, there is a 25% down payment. The rest of the amount can be paid over five years including the interest rate on US dollar certificates (3.5% annually). The first installation should be paid within a month of the delivery date”.

The US dollar price has stabilized according to the exchange rate on the reservation day, Abbas explained.

For the immediate payment of the first installment, 15% will be deducted from the remaining amount after the down payment. About 1% of the land value is paid for the Social Housing Fund in compliance with law 33/2014.

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