New cities to offer 3,300 rental units with reservation rules
Engineer Mai Abdel Hamid, CEO of the Social Housing Fund, announced the launch of approximately 3,300 rental housing units in the new cities, including 300 units in October City with sizes of 75 square meters. This initiative aims to meet the needs of groups currently unable to own property. The program includes announcements in cities and governorates such as Matrouh, Aswan, Luxor, and Ismailia, which will be made at the beginning of the upcoming month via the Egypt Digital platform. The booking conditions target young newlyweds under 35 years old, with a monthly income of less than 12,000 EGP. The rent will be set between 1,500 and 2,000 EGP per month, depending on the location and income. The program intends to enable beneficiaries to transition to ownership in the future if their financial situation improves. The rental contract lasts for three years and is renewable. This system differs from the lease-to-own scheme, which involves installments over 20 years leading to eventual ownership of the unit.
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