Eng. Randa El-Menshawy, Minister of Housing, Utilities and Urban Communities, reviewed the readiness of housing units scheduled to be offered under the rent-to-own system, through the New Urban Communities Authority (NUCA), with 5,000 units, as well as 15,000 units under the rental system, through the Social Housing and Mortgage Finance Fund (SHMFF), Invest-Gate reports.
The move comes as part of the Ministry’s efforts to provide suitable housing options for various segments of society and diversify housing schemes.
El-Menshawy emphasized that the Ministry is working to diversify housing schemes in line with the needs, financial capabilities, and circumstances of different segments of society.
She noted that expanding the provision of units under both rental and rent-to-own schemes is part of implementing the directives of President Abdel Fattah El-Sisi to offer multiple housing alternatives and flexible solutions that enable citizens, particularly young people, to access suitable housing while promoting social equity and long-term sustainability.
The Minister stressed that the Ministry is continuously monitoring the readiness of the units scheduled for launch through both NUCA and SHMFF, with a particular focus on construction quality, finishing standards, and the availability of utilities and services. This is intended to ensure that the units are fully completed and ready for occupancy upon launch.
She added that the new offering mechanism seeks to strike a balance between providing adequate housing for citizens and ensuring the sustainability of housing programs, while introducing more flexible rental and payment arrangements.
These measures are designed to ease financial pressures on citizens, support family stability, and improve overall quality of life.
El-Menshawy further noted that the Ministry has established clear rules and mechanisms governing the offering process to ensure that housing units reach eligible applicants, while promoting the highest standards of transparency, fairness, and equal opportunity.
5,000 Rent-to-Own Units to Be Offered Across 25 New Cities
Dr. Waleed Abbas, Deputy Minister of Housing for New Urban Communities, said NUCA is preparing to offer 5,000 housing units under the rent-to-own system. The scheme is designed to strike a balance between its social objectives and financial sustainability through clear eligibility requirements, income thresholds aligned with the rental value of the units, and regulated payment mechanisms.
He added that the units offered through NUCA are distributed across approximately 25 new cities. Allocation will be carried out through a public lottery among applicants who meet the eligibility requirements.
Abbas explained that a family, including the husband, wife, and minor children, may not apply to reserve more than one unit under the offering. He also noted that the rent-to-own arrangement extends over 20 years from the date of receiving the unit. During this period, beneficiaries are required to pay the monthly rent and applicable maintenance fees in accordance with the payment scheme established for each project.
The offering will also allocate 5% of the total units to eligible persons with disabilities who meet the applicable booking requirements.
Minister Reviews Rental Housing Units in New October City Ahead of Launch
Meanwhile, El-Menshawy reviewed the findings of an inspection tour conducted by May Abdel Hamid, CEO of SHMFF, at the housing units scheduled to be offered under the rental housing announcement in New October City, ahead of the official launch.
Abdel Hamid was accompanied by Eng. Kamal Bahgat, Deputy CEO of SHMFF, and Eng. Ahmed Helmy Ali, Head of the New October City Development Authority.
During the visit, Abdel Hamid and the accompanying delegation inspected one of the housing units located in the 800-Feddan area of New October City. The delegation reviewed the available utilities and services, as well as the quality of the finishing works, particularly as the offering is intended to enable young people to move into their new homes immediately.
Abdel Hamid highlighted that the units provide a safe and decent housing solution at affordable rental rates for young people, with monthly rent not exceeding 25% of the applicant’s total income. The Fund will cover the remaining portion of the rental value as housing support provided to the beneficiary, contributing to improved quality of life and greater family stability among young Egyptians.
Separately, Eng. Ammar Mandour, Vice President of NUCA for Development and Construction, inspected the Valley Towers project in New Obour City, one of the locations scheduled to be offered under the rent-to-own system, as part of preparations for its official launch.
During the tour, Mandour reviewed the quality of finishing works and construction, as well as the available utilities and services, to ensure that the units are fully ready for offering and handover.