634K residential units built for middle-income citizens at LE110B

CAIRO – 13 October 2024: Minister of Housing, Utilities and Urban Communities Sherif El Sherbini stated Sunday at the Senates' plenary session that 634,000 residential units had been built for middle-income citizens since 2014 at a cost of LE110 billion.

The minister added that there was a plan to add 130,000 units in that category. Of those, 10,000 will be offered for sale soon in addition to 60,000 units for low-income citizens.

Chairwoman of the Social Housing and Real Estate Financing Fund Mai Abdel Hamid stated in June that one million residential units were being built for low-income citizens.

Further, there are 55,500 units that are being built within the green housing initiative for different income categories at the cities of New Obour, 10th of Ramadan, Capital Gardens, New Aswan, New October, Badr and 15th of May.

The total number of applicants on units offered by the fund is 1.6 million, while the total size of funding provided amounted to LE70 billion.

With regard to the demographics of funding recipients, 76 percent males; 24 percent females; 48 percent work for the private sector; 29 percent work for the public sector; 22 percent are self-employed; one percent are pensioners; 56 percent are married with kids; 16 percent are married; 22 percent are single; four percent are divorced; and, two percent are widowed.