Egypt will offer 15,000 housing units under a new monthly rental scheme, the Cabinet Media Centre said in a video published on its platforms.
The programme, launched under President Abdel Fattah El-Sisi’s directives to diversify housing options, will target young people and citizens unable to afford home purchases, with eligible tenants eventually allowed to buy their units.
CEO of the Social Housing and Mortgage Finance Support Fund, Mai Abdel Hamid, said about 3,300 units would be located in new cities, another 3,300 built under the Decent Life initiative and around 8,000 distributed across various governorates.
The units, ranging from 70 to 90 square metres, are located in more than 40 cities and new urban communities. They will be leased for three years, with tenants able to apply for ownership provided they continue paying the monthly rent.
Rental payments and the down payment will be credited towards the purchase price once tenants apply for ownership and complete the required mortgage finance procedures, Abdel Hamid said.
Applications and the terms and conditions booklet will be available through the Egypt Digital Platform. Applicants must be no older than 35 and must not have previously benefited from subsidised housing.
The pilot scheme will assess demand for rental housing and the appeal of the selected locations before any expansion, she said.
