The Ministry of Housing has launched a new phase of its distinguished housing project across 15 Egyptian governorates for 2024. This offering includes 6,575 residential units under the projects “Janna,” “Sakan Misr,” and “Dar Misr,” with applications open until December 26. The flexible payment plans are designed to make home ownership accessible to citizens.
Prices and Financial Requirements
According to the project’s brochure, pricing details and financial terms for these new units include:
- Unit Pricing: Each unit’s price is listed per square meter, factoring in variations in location and finish quality.
- Maintenance Deposit: A maintenance deposit of 8% of the unit’s price is required at the time of signing the contract.
- Annual Maintenance: A 1% charge on the unit’s value is set aside for maintenance in the first year, prepaid during contracting. Any surplus from the maintenance fund will be applied in subsequent years.
- Utility Costs: Fees for utilities, including gas, electricity, and water, will be collected once the relevant infrastructure is connected.
Flexible Payment Options
The new housing project offers flexible financial terms for citizens. A reservation deposit of 100,000 EGP and a non-refundable 500 EGP processing fee are required. Payment options include cash, bank card, or transfer, with interest rates applied as per the Central Bank of Egypt’s rates.
Payment Schedule for Unit Ownership
To facilitate homeownership, buyers can secure units with a 20% upfront payment plus a 1% administrative fee and 0.5% contribution to the city’s board of trustees. Another 10% is due upon receipt of the unit, with the remaining 70% payable in quarterly installments over 3, 5, or 7 years as chosen by the buyer. These installments will include an interest rate set by the Central Bank, plus an additional 2% and a 0.5% collection fee.
Streamlined Financial Terms
The Ministry aims to support citizens in acquiring quality homes by offering structured and adaptable financial options. This approach ensures both ease of access to high-quality housing and financial stability for home buyers across Egypt’s governorates.
