On Wednesday, Mai Abdel Hamid, Chairwoman of the Social Housing and Real Estate Financing Fund, announced the construction of one million residential units for low-income citizens and an additional 28,000 units for middle-income citizens. This ambitious housing initiative aims to address the pressing need for affordable housing in Egypt.
In addition to these units, 55,500 residential units are being developed under the green housing initiative in various cities, including New Obour, 10th of Ramadan, Capital Gardens, New Aswan, New October, Badr, and 15th of May. These eco-friendly units are part of Egypt’s broader effort to promote sustainable living environments.
The housing fund has received a substantial number of applications, totaling 1.6 million. The financial support provided for these housing projects has reached LE70 billion, highlighting the government’s commitment to improving housing conditions for its citizens.
Abdel Hamid provided insights into the demographics of the funding recipients:
- Gender Distribution: 76% males, 24% females.
- Employment Sectors: 48% work in the private sector, 29% in the public sector, 22% are self-employed, and 1% are pensioners.
- Marital Status: 56% are married with children, 16% are married, 22% are single, 4% are divorced, and 2% are widowed.
These statistics reflect the diverse backgrounds and circumstances of the citizens benefiting from the housing fund’s initiatives. The project not only aims to provide affordable housing but also to enhance the quality of life for a broad spectrum of the population.
The ongoing construction and funding efforts mark a significant step towards addressing Egypt’s housing shortage and ensuring that both low and middle-income citizens have access to modern, sustainable housing options.
