Launch of rental housing units in 25 new cities within a month

Cairo - Nihad Imad The Ministry of Housing, Utilities, and Urban Communities issued a new report outlining the conditions for reserving housing units under the rent-to-own system, which is scheduled to be launched within a month through specific procedures. The report includes the following points:

- The applicant must be at least 21 years old and not older than 45 years at the time of application.

- A family, including the husband, wife, and minor children, is not eligible to reserve more than one housing unit under the rent-to-own system.

- The applicant, his spouse, or minor children must not have previously owned a housing unit or a plot of land, whether held by them or transferred to others.

- The maximum monthly income limit for applicants will be determined based on the rental value of the units.

- The client is required to pay a security deposit equivalent to three months’ rent of the specified annual rental value within 30 days of receiving the allocation notice.

- The security deposit amount will be updated annually in accordance with the prescribed increase in the rental value.

- The rental period will last up to 20 years, and the holder has the right to purchase the unit during the rental period.

- The rent will amount to 50% of the average rental value within the city or area.

- Applications will be linked to the place of birth or residence, and allocation will be conducted through a public lottery.

- The number of housing units scheduled for launch is 5,000 apartments across 25 new cities.