EGP 70bn allocated to 573,000 low-income citizens through 22 banks, 8 companies: MFF – Dailynewsegypt
Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund (MFF), announced that mortgage financing has reached 573,000 beneficiaries. A total of EGP 70bn has been allocated to finance housing units for citizens through 22 banks and 8 companies, in addition to EGP 9.5bn in direct financial support for citizens upon obtaining housing units.
During her presentation on mortgage financing indicators and the status of low-income housing under the “One Million Housing Units Project,” Abdel Hamid shared key figures. The average financing value per individual is EGP 123,000, while the average cash support per individual is EGP 16,500. Financing covers 67% of the unit’s price, with an average of EGP 179,000 per unit.
The distribution of real estate financing beneficiaries is as follows: 76% are male, 24% are female. Among them, 48% work in the private sector, 22% are self-employed, and the remainder are government employees or retirees. Additionally, 56% of the beneficiaries are married with dependents, while the rest are married without dependents, single, divorced, or widowed. The average age of beneficiaries is 40 years.
Abdel Hamid also reported on the progress of the One Million Housing Units Project. A total of 928,000 units have been offered, with 684,000 units completed and 244,000 units still under construction. Approximately 593,000 units have been allocated to beneficiaries.
The majority of housing units under this project are in new cities, accounting for over 80% of the total. The remaining units are spread across various governorates. Abdel Hamid also highlighted green housing projects for low-income citizens, with over 25,000 units currently under construction in New Obour, 10th of Ramadan, Gardens City, and New Aswan. Additionally, more than 30,000 units are being assigned in New October, New Obour, 10th of Ramadan, Badr, and May.
Regarding middle-income housing, she noted that new cities offer 23,000 units, while the governorates provide 5,000 units located in Cairo (Badr), Port Said (Port Fouad), Damietta, and the Red Sea. These units range in size from 100 to 120 square meters, and efforts are ongoing to expand middle-income housing implementation to meet citizens’ demands.
In Gardens City, more than 100,000 housing units are under construction, including low-income, green, and middle-income housing. Gardens City ranks third in terms of the number of units implemented, following New October and Gardens October. Abdel Hamid specified that 30,000 units have been allocated to citizens: 24,000 from the tenth announcement and 6,000 from the “Housing for All Egyptians 1” initiative.
The green housing project in Gardens City includes 10,000 units certified by the “GPRS” rating system. Among these, 8,478 units feature solar panels to power building facilities, including stairwell lighting, the surrounding area, and water pump motors.
Abdel Hamid concluded her presentation by discussing the judicial control system and detecting violations. More than 8,700 violation reports have been filed, covering leasing, selling, or changing the use of units. Over 3,000 violations have been reconciled, and approximately 2,000 convictions have been issued.