CAIRO – Egyptian Prime Minister Mostafa Madbouli Monday attended the handing over of residential units of the presidential initiative “Housing for all Egyptians” to the limited-incomes families in Capital Gardens city (Hadayek Al Assema).
The handing over ceremony was attended by Minister of Housing, Utilities and Urban Communities Sherief el Sherbiny.
Head of the Social Housing and Mortgage Finance Fund Mai Abdel Hamid reviewed progress achieved by the “Housing for all Egyptians” initiatives, which was launched in 2014, under the auspices of President Abdel Fattah El Sisi.
She said that 928,000 housing units have been offered for sale, while 72,000 other units will be offered later in 2024.
While 684,000 residential units have been finalised, the construction of 244,000 other units is still underway, the head of the fund said.
She noted that some units will be handed over to those who applied for reservation in the announcement “Housing for All Egyptians” no.1.
More than 590,000 housing units have been allocated, some of which have been sold to entities, Abdel Hamid said.
She added that 54,000 residential units are being implemented with bank clients.
The remaining 22,000 units will be offered shortly with other units, Abdel Hamid added.
The “Housing for All Egyptians” project came in line with President Abdel Fattah El Sisi’s directives to provide suitable housing units for all citizens, as the project allows them to pay the cost of the unit without any charges for the plot of land.
As for the distribution of the 100-million unit programme, the CEO of the Social Housing and Mortgage Finance Fund Mai Abdel Hamid said: “We have finalized 815,000 housing units in the new cities, accounting for 81 percent of the program. There are 185,000 units distributed across different governorates.” “We have finalised 516,000 housing units in the new cities, representing 63 percent. The implementation of 30 per cent, a total of 242,000 units, is still underway and are expected to be finalized by the end of the next year, 2025,” Abdel Hamid said. She added that 57,000 units are being offered in the new cities, noting that 186,000 units have been finalized in governorates, while the remining 2,000 units are still in various implementation stages. The executive director of the fund said that the majority housing units are implemented in the new seven cities of New October, Hadayek October, Capital Gardens, 10th of Ramadan, Obour, Badr and 15th May city. She noted that New October City accounts for the largest share of the implemented housing units, saying: “We have carried out 154,000 residential units in New October City besides 146,000 units in Hadyedk October city and 92,00 units in Capital Gardens city.” Abdel Hamid added that 83 percent of the housing units were implemented in the cities of 10th of Ramadan, Obour, Badr and 15th May.
The green social housing program was launched in 2020, the CEO of the social housing fund Abdel Hamid said, adding that 25,500 units were constructed in Capital Gardens (Hadayek Al Assema) city.
She added that 30,000 more green housing units are being constructed in the five new cities of New October, Obour, Badr, 10th of Ramadan and 15th May.
As for the presidential initiative “Housing for all Egyptians”, as many as 23,000 units were set up in new cities, Abdel Hamid added.
“The loans will be paid in installments extending for 19 years, with an average monthly income of the beneficiaries estimated at 2,450 pounds,” Head of the Social Housing and Mortgage Fund Mai Abdel Hamid said.
She added that:” The average age category of the the beneficiaries is 40, while the estimated value of the loan covers 67 percent of total price of the unit.”
Meanwhile, Prime Minister Mostafa Madbouli handed over earlier in the day title deeds of subsidized housing units to the beneficiaries of the housing project “Housing for all Egyptians” in the capital Gardens City.
Delivering a speech after handing over the constracts, Madbouli said: “Throughout the past ten years, the state managed to carry out and hand over some 1.5 million housing units”
He added that 980 percent of these units are designated to serve state’s programs of social housing for youths and the low-income brackets, specially in the most vulnerable areas nationwide.
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