Update: 171,798 Register for 10,000 Rent-to-Own Housing Units

The number of applicants registered for 10,000 units offered by the New Urban Communities Authority under the "rent-to-own" system has risen to 171,798 citizens, according to an update on an offering that opened for reservations on October 5. Nearly 5,000 units are close to ready for delivery, while the other half will be constructed over three years, as reported by Youm7.

A total of 37,988 applicants completed initial reservations, while 21,777 deposited the booking down payment. Applications remain open through the "Maskan" website until October 19, the same deadline set when reservations opened for the first phase.

This system allows the beneficiary to reside in the unit and pay off its value through monthly installments until ownership is fully transferred to them, instead of purchasing it in a single cash payment.

This offering caters to a wide segment of Egyptians seeking housing units with installment plans, particularly those interested in new cities that continue to introduce new housing units within government housing programs.

What Do These Terms Mean?

Rent-to-Own: A system in which a citizen reserves and resides in a unit while paying monthly installments. After paying its full value within a specified period, ownership is transferred to them. It is also known as lease-to-own.

Booking Down Payment: An amount paid during the application stage to confirm the applicant's desire to obtain the unit, which is either refundable or deducted from the final value.

New Cities: Newly established cities built alongside major urban centers to relieve density and provide organized housing units, such as the new cities surrounding Cairo.