Egypt Plans One Million Housing Units, with Developers Delivering 100,000
Minister of Housing Randa Al-Minshawi stated that the upcoming program targets one million units, with developers expected to deliver around 100,000 of them, featuring rent-to-own schemes.
Egyptian Minister of Housing Randa Al-Minshawi stated that the upcoming government housing program targets one million residential units.
She added that private sector developers are expected to deliver around 100,000 units of the total target, according to Masrawy website.
The minister explained that the ministry also wants developers to participate in rent-to-own projects as part of plans to expand options for beneficiaries.
Youm7 website reported similar details regarding the new target and the role of developers in executing it.
What do these terms mean?
Rent-to-own: A contract in which the tenant pays monthly installments over several years, eventually becoming the owner of the unit at the end of the term.
Real estate developer: A company that purchases land, builds a project on it, and sells or leases the units.
Housing units: Apartments or houses designated for residential living within a real estate project.
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