real estate finance| Apartment in social housing or “average”?..

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10:00 am

Tuesday 03 August 2021

Books – Mohamed Abdel Nasser:

The Social Housing and Real Estate Finance Support Fund announced the first projects within President Abdel Fattah El-Sisi’s initiative, “Housing for All Egyptians 2” for low and middle incomes, in light of the Central Bank of Egypt’s proposal for its new initiative to provide real estate finance at an interest rate of 3% for a period of 30 years, which began to be implemented since On July 13, 2021.

The new proposal includes projects for low- and middle-income people in a large number of governorates and new cities. The applicants are asking about the best project and the comparison aspects in terms of specifications, places and prices.

Offering places:

Low-income apartments: (Ismailia, Minya, Sharkia, Sohag, Qena, Alexandria, Menoufia, Kafr El-Sheikh, Aswan, Gharbia, Beheira, Matrouh, Fayoum, Beni Suef, Assiut, New Valley, Luxor, North Sinai, and Damietta).

Medium-income apartments: (Badr, Gardens of the Capital, May 15, October Gardens, October 6, 10th of Ramadan, New Aswan, New Alamein, New Minya, Nasser, New Rashid, New Beni Suef, Hurghada “Al Badari”, and Port Fouad).

Apartment specifications:

Social housing apartments for low-income people are offered two areas, the first is 75 meters, two rooms and a hall, and the second is 90 meters, 3 rooms, a kitchen, a bathroom and a hall. As for the medium housing apartments, 3 models are offered, 100 meters, 110 meters and 120 meters, all of them are 3 rooms, a kitchen and a hall. All units are fully finished.

The area of ​​90 square meters in social housing is very close to the area of ​​100 square meters in average housing and the difference is not great, but the part that will decide the choice is the price, as the 90 square meters range from 184 thousand to 310 thousand, and the 100 meters unit is priced at 471 thousand pounds.

The brochure of conditions that includes the housing unit reservation form is purchased through any post office at the level of all cities and governorates in which housing units are offered, starting from August 8 for those with disabilities and on August 15 for all citizens until next September 9.

Average monthly income:

There is another point that will determine the choice, which is the rate of income, as the Social Housing Fund announced the income conditions for applicants in social housing to be 4500 for singles and 6000 for the family, while in average housing the maximum income for singles reached 10,000 pounds, and the married 14,000 pounds.

the prices:

The prices of low-income apartments start from 164 thousand pounds for apartments of 75 meters, and 90-meter apartments reach 184 thousand pounds, 197 thousand pounds, and 310 thousand pounds, and there is a discrepancy in prices due to the readiness of the units and their locations in the city. Booking and announcing the results of the applicants, but the most expensive apartment will be delivered after 3 years.

As for the average housing apartments, the prices start from 471 thousand, up to 950 thousand pounds, where the average housing apartments range from 741 thousand to 546 thousand, and the highest price is for investment housing apartments, which are located in the cities of Hurghada and Port Fouad.

Read also:

– Real Estate Finance| Do low-income people have the right to get an apartment outside housing projects?

Mortgage Finance Initiative| Know the first step to getting an apartment at 3% interest

Mortgage Finance Initiative| Housing announces the launch of new apartments in “Dar Misr, Jannah and Housing Misr”





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