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Housing official announces 15,000 rental units at 1500 pounds
The Ministry of Housing announced the launch of 15,000 housing units available through a rental system. These units include ready-to-deliver options located in serviced areas equipped with all necessary amenities, aiming to meet the needs of various social segments. The offering includes two types of rental plans: the first is a "Rent Only" system for three years, with the possibility of renewal; the second is a "Rent-to-Own" system. The details of both plans will be determined by the Housing Fund and the New Urban Communities Authority. The units range in size from 75 to 90 square meters, with rental prices starting from 1,500 Egyptian pounds per month. A government subsidy will be provided to reduce costs, and the security deposit amount will be refunded at the end of the contract period, provided the unit is returned in its original condition. Conditions include not owning or benefiting from any previous housing units, and applicants must be employed or residing in the targeted city. Additionally, applicants should not be older than 35 years and must commit to spending no more than 25% of their monthly income on rent. The application terms booklet is expected to be available within two weeks, with units to be handed over within two to three months after completing the application process and the lottery.
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