1 Day
Source:
المصري اليوم
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Social housing provides 15,000 subsidized units
The Egyptian government has launched a new initiative to provide 15,000 housing units under a subsidized rental system, aiming to meet the needs of low-income individuals and newlyweds. It is proposed that the lease contract be for three years, renewable, with tenants paying only 25% of their monthly income, while the state covers the remaining amount. The rental prices range from 1,500 to 5,000 Egyptian pounds, depending on the tenant’s income. Additionally, tenants are allowed to convert the unit to ownership after six years of rent, with the amounts paid upfront counting as a deposit towards the purchase. This program is considered an experiment to gauge demand for the rental system compared to outright ownership. Eligibility conditions include not owning any previous residential units and not benefiting from past government housing projects.
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