High Demand for The “Housing for All Egyptians 2” Initiative

High Demand for The “Housing for All Egyptians 2” Initiative

Assem El Gazzar, Minister of Housing, Utilities, and Urban Communities, declares that 74,000 condition handbooks have been withdrawn to reserve housing units in the presidential initiative “Housing for All Egyptians 2,” and 14,500 citizens have paid the reservation advances, Invest-Gate reports.

Furthermore, El Gazzar explains that the withdrawal of the condition handbooks and other procedures for reservation will continue until Thursday, September 9.

For her part, Mai Abdel Hamid, head of the Social Housing and Mortgage Finance Fund (SHMFF), reveals that there are ready-to-deliver units, with areas ranging between 75 and 90 sqm, in Ismailia, Minya, Sharkia, Sohag, Qena, Alexandria, Menoufia, Kafr El-Sheikh, Aswan, Gharbia, Beheira, Matrouh, Fayoum, Beni Suef, Assiut, Al Wadi Al Gedid, Luxor, North Sinai, and Damietta. Additionally, the prices range between EGP 164,000 and EGP 310,000.

Moreover, other units have been offered for middle-income in Shata and Zarqa cities in Damietta Governorate, with areas ranging between 105 and 114 sqm, and at a price of around EGP 640,000 and EGP 900,000.

Abdel Hamid adds that fully-furnished units are also offered, and scheduled to be delivered within 36 months, in Badr, Capital Gardens, 15th of May, October Gardens, 6th of October, 10th of Ramadan, New Aswan, New Alamein, New Minya, Nasser, New Rashid, New Beni Suef, Hurghada “Al Badari”, and Port Fouad.

The offered housing units range between 100 and 120 sqm, and the prices are around EGP 471,000 and
EGP 950,000. Moreover, 12 quarterly installments will be paid starting on January 1, 2022.

This comes as part of the Central Bank of Egypt’s (CBE) finance initiative at an interest rate of 3% for 30 years. This initiative has been implemented since July 13, 2021.

It is noteworthy that the maximum annual net income for low-income single individuals is EGP 54,000 (EGP 4,500/ month), and the maximum annual net income for a family is EGP 72,000 (EGP 6,000/month). While, the maximum annual net income for middle-income single individuals is EGP 120,000 (EGP 10,000/month), and EGP 168,000 for a family (EGP 14,000/month).


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