Housing ministry opens reservation for new housing units

CAIRO – 22 July 2017: The Ministry of Housing and Urban Communities opened reservations for the 9th offering of the social housing project on Friday, according to a released statement by the New Urban Communities Authority (NUCA).

The new social housing units offered consist of three-bedroom houses, with a space of up to with 90 square meters, and are launched in 22 governorates.

Potential buyers are allowed to reserve their units starting from August 20 to September 20.

The new homes are offered in several governorates including Alexandria, Ismailia, Suez, Sharqia, Kafr el-Sheikh, Gharbia, Menoufia, Beheira, Giza, Fayoum, Beni Suef, Minya, Assyut, Sohag, Qena, Luxor, Aswan, Red Sea, New Valley, South Sinai, and Marsa Matrouh.

Mai Abdel Hamid, Head of the Mortgage Finance Fund, announced that the price of each unit cost LE 184,000 ($10,299) and customers are required to pay an additional five percent as a maintenance cost.

Buyers can reserve the units by providing a down payment worth of LE 11,000 , which are refundable in case of not winning one of the project’s houses, and monthly installments worth of at least LE 590.

She added that applicants’ eligibility has been adjusted based on incomes and recent inflation rates. It has been decided that these units are targeted for single citizens with a monthly income of LE 3,500 and LE 4,750 for families.

The Mortgage Finance Fund will be offering support to citizens with limited income ranging from LE 5,000 to LE 25,000. More financial support will be given to those with lower incomes.