Nearly 137,000 Citizens Apply for Rent-to-Own Housing in Egypt During First Week

An official source at the Ministry of Housing stated that approximately 137,567 citizens registered on the "Maskan" platform during the first week of the rent-to-own offering. This number reflects widespread turnout for the initiative, which targets low-income groups across various governorates, and points to the significant demand for units at below-market costs.

The offering includes 10,000 housing units, of which 5,000 are ready for immediate delivery distributed across 26 new cities, and 5,000 other units to be executed over three years in eight new cities. The ready units allow housing delivery to the beneficiary upon completion of procedures without waiting for a construction period, while units under execution require a longer time before delivery.

Registration launched on September 20 and continues until October 19, giving applicants a full month to apply. The offering comes within efforts aimed at facilitating low-income citizens' access to a housing unit with less pressure than purchasing in cash or through bank financing. The system gives the beneficiary a longer period to pay the unit's value in affordable monthly installments.

The rent-to-own system is based on paying monthly installments deducted from the unit's value until ownership transfers to the beneficiary upon completion of payment. The registration volume in the first week reflects high demand for affordable housing solutions in Egypt, especially among low-income families. Applicants are monitoring the specified registration closing date of October 19. The number of registrants is expected to continue rising until registration closes.

What do these terms mean?

The "Maskan" platform is a governmental electronic portal for registering in housing programs. Rent-to-own is a system in which the beneficiary pays monthly rent ending with the transfer of unit ownership to them. A unit ready for delivery is a completed unit that can be received immediately.