Egypt’s Minister of Housing Essam El Gazzar said on Friday that more than 47,000 housing conditions’ brochures have been old as part of the real estate presidential initiative “Housing For All Egyptians 2” for low and medium-income people.
In statements on Friday, the minister said the more than 4,300 customers have paid the booking installment to obtain units of the housing initiative, adding that doors for submission will be open till September 9.
The housing units are allocated for low and medium-income people in eight new cities and funds earmarked to build 125,000 housing units ranging from 70 to 120 square metres, said Chief of the Social Housing and Real Estate Finance Support Fund Mai Abdel Hamid.
Citizens were invited to apply for units based on the cities in which they reside or work. Applicants state the size of the apartment they want, the instalments they can afford, and the number of family members, she explained.
The Central Bank of Egypt (CBE) is funding the initiative as the interest rate on installments on the units not exceeding 3 percent and to be paid over 30 years.
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