Egypt’s Prime Minister Mosutafa Madbouli has issued directives to the Ministry of Housing to construct 50,000 residential units for the low-incomes strata among youth, as a part of the “Housing for all Egyptians” presidential initiative, besides the under-construction 50,000 housing units.
The premier also issued instructions to build 50,000 new housing units for the middle-income segments and offer them for sale.
The premier made the remarks during a meeting with Minister of Housing, Utilities and Urban Communities Sherief el Sherbiny to follow up on the implementation rate of a number of projects.
The housing minister highlighted main axes of the “ Your Home in Egypt” initiative, which targets Egyptian expats, with plans to open booking in early February 2025.
The number of units proposed for the initiative is estimate at 5,055 residential units and villas, located in the new cities of New Alamein, the New Administrative Capital, New Mansoura, Sixth of October, Sheikh Zayed, Sor Magra Al Ayoun, New Cairo, New Obour and New Suez.
Sherbiny briefed Mabouli on steps to offer 78,730 housing units for low- and middle-income individuals under the presidential initiative “Housing for All Egyptians”.
The minister added that there are 23,958 units ready for handover within the governorates, 12,990 units ready for delivery in the new cities and 41,782 units that will be handed over next 36 months in the new cities.
He pointed out that 738,000 brochures have been purchased until the end of the booking period, and the number of deposit payers for booking has reached 499,000.
The “Your Home in Egypt” initiative is a housing program the Ministry of Foreign Affairs launched in collaboration with the Ministry of Housing, Utilities, and Urban Communities to provide Egyptians living abroad with the opportunity to acquire high-quality residential units in Egypt.
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