Around 270,000 low-income citizens have placed total installments of EGP 1.08bn on 400,000 social housing units located in the new cities, reported Daily News Egypt.

As of November, 270,000 buyers have reserved 400,000 units located in the new cities by depositing EGP 4,000 for each unit through Fawry, a recent public payment service. “Installments were gathered through Fawry in November from all over Egypt,” Managing Director of Fawry Mohamed Okasha said.

“The Ministry of Housing, Utilities, and Urban Communities is still receiving installments through Fawry until mid-December for reserving units located in Cairo, Giza, Alexandria, Menoufiya, Damietta, Kafr El Sheikh, Suez, Dakahlia, Beheira, Fayoum, Beni Suef, Minya, Assiut, Sohag, Luxor, Qena, Aswan, Red Sea, New Valley, Matrouh, North Sinai, and South Sinai,” Chairman of the Mortgage Finance Fund Mai Abdel Hamid confirms.

Banks across Egypt have loaned about EGP 4.36 bn to low-income citizens through their Mortgage Finance Fund for financial support.

Currently, Cairo for Contracting & Real Estate Investment Co. “has been commissioned the construction of ten social housing buildings in New Tiba City,” stated Ashraf Fathy head of the City’s Authority, according to Al Borsa.

“At a total cost of EGP 32.4 mn, the buildings are expected to contain 240 houses and will be finalized within 12 months,” Fathy added.

Previously, the company was also assigned to develop 456 social housing units at a total investment cost of EGP 57 mn. Around 6912 social housing units will be located in New Tiba City and constructed by 14 different developers at a total investment cost of EGP 900 mn.

The prices of social housing units have increased due to the high dollar exchange rate, the newly Value Added Tax (VAT), and the pound’s flotation, according to Abdel Hamid.