Cairo: The Cabinet media center has unveiled a new initiative, showcasing details of a rental housing unit offering through a video titled 'Rental Housing Units: Flexible Housing Options to Meet Young People's Needs' on its social media platforms. This initiative is designed to align with presidential directives aimed at providing residential units for monthly rent, thus offering affordable housing solutions tailored to the financial capacities of citizens and expanding rental opportunities for young individuals.

According to State Information Service Egypt, Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund, announced that the new offering includes 15,000 housing units. Out of these, approximately 3,300 units are located in newly developed cities, another 3,300 fall under the "Decent Life" initiative, and about 8,000 units are spread across various governorates. These units will be available for three-year rental terms, with an option for tenants to purchase their units if they fulfill the necessary payment conditions. The rent already paid will be considered part of the ownership installments, subject to applicable mortgage finance procedures.

Abdel Hamid emphasized that the presidential directives aim to diversify the housing units offered, catering to low-income groups unable to afford home ownership, as well as newlyweds who need temporary housing solutions until they are able to purchase a unit. Applications and the terms and conditions booklet will be accessible via the Egypt Digital platform at "digital.gov.eg". The initiative specifically targets young people aged up to 35 who have not previously benefited from subsidized housing.

The housing units, ranging from 70 to 90 square meters, will be available in over 40 cities. This initiative is being launched on a pilot basis to evaluate demand and set the stage for expanding the rental program and introducing further offerings in the future.