A total of 5,706 units will be made available for rent in ten governorates starting October 2016, according to Minister of Housing, Utilities, and Urban Communities, Mostafa Madbouly, reported Invest-Gate.
Units will be made available only for citizens with monthly incomes less than EGP 1,500.
There will be a draft for the conditions of buying that can be purchased from postal offices in cities and governorate centers starting October 8, added Madbouly in a released statement.
The units will be delivered in governorates across Egypt, including 511 units in Ismailia, 24 units in Suez, 472 units in Qaliubiya, 31 units in Menoufiya, and 180 units in Damietta, according to Mai Abdel Hamid, Head of the Administration of Real Estate Funding and Executive Manager of the Social Housing Fund.
A total of 192 units were delivered in Minya, 536 units at Suhag, 800 units in New Akhmeem, 1,500 units in North Sinai, 1,340 units in Qena, and 120 units in Beheira, added Abdel Hamid.
A study is being conducted to highlight general restrictions and payment methods. Successful applicants will be required to pay EGP 1,000 to reserve two-bedroom apartments and EGP 1,500 to reserve three-bedroom units at the Housing and Development Bank.
Citizens are also obliged to pay costs of monthly consumption of electricity, water, and gas as costs. The rental rates for the two-bedroom units are EGP 300 per month including maintenance, while the three-bedroom units cost EGP 410 per month including maintenance. The rental value is set to increase 7% annually.
The maximum duration for rental of all units is seven years, subject to renewal only through an agreement between both parties and by paying a specified renewal fee.
In case of an large number of applicants, the selection criteria are applicable in the following order, beginning with citizens who live in informal settlements that are in danger of being removed, single women with children, citizens with special needs, large families, average-sized families, and finally single citizens, stated Abdel Hamid.