Egypt has launched the world's largest low-income housing project, the "Housing for All Egyptians" initiative, which spans all governorates, including both existing and new cities. Led by Minister Sherif El-Sherbiny, the initiative aims to provide affordable, contemporary housing, with over one million units already completed or under development. Since 2014, the project has received 1.6 million applications, and mortgage financing has reached EGP 74 billion. The project also includes middle-income housing and is designed to stimulate social and economic growth. The average cost of a dwelling unit is EGP 185,000, with beneficiaries mainly coming from the business sector, government, and freelance professions.
Egypt has embarked on the world's largest housing project for low-income individuals through the presidential program "Housing for All Egyptians." This initiative covers all governorates, including both established and new cities, with the aim of providing affordable housing to young and low-income populations. The plan also incorporates housing units for middle-income residents.
Sherif El-Sherbiny, Minister of Housing, Utilities, and Urban Communities, led a board meeting to discuss the implementation of this initiative. Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund, reported that since June 1, 2014, 17 public announcements have been made, attracting 1.6 million applicants. To support these efforts, mortgage financing provided to beneficiaries has exceeded EGP 74 billion, facilitated by 22 banks and eight companies, with additional cash support totaling EGP 9.7 billion.
Since President Abdel Fattah Al-Sisi took office, the Egyptian government has prioritized providing suitable housing within modern, serviced neighborhoods for both low- and middle-income individuals. El-Sherbiny stated that one million housing units have been constructed or are under construction as part of the "Housing for All Egyptians" plan. This includes 55,500 units under the Green Housing Programme in New Obour, 10th of Ramadan, Capital Gardens, New Aswan, New October, Badr, and 15 May. Additionally, 28,000 housing units for middle-income individuals have been completed or are under construction in new cities and governorates.
During the meeting, Abdel Hamid detailed the current status of the housing units and the financial aspects related to the initiative. The average cash grant per beneficiary was EGP 16,600, while the average mortgage financing per customer was EGP 126,000. The typical down payment made by citizens was EGP 43,000, with the average price of a housing unit at EGP 185,000. The average age of beneficiaries was 41, with individual clients earning an average monthly income of EGP 2,552 and families EGP 2,893. The response rate to customer calls was 87.5%, with 12.5 million calls received since 2015.
The demographics of the beneficiaries show that 76% were men and 24% were women. Of the beneficiaries, 48% worked in the private sector, 22% were freelancers, 29% were government employees, 1% were retirees, and 56% were married with dependents. Additionally, 16% were married without dependents, 22% were single, 2% were widowed, and 4% were divorced.
The initiative represents a significant step towards improving housing access in Egypt, particularly for low- and middle-income citizens, by providing affordable, quality housing solutions. It also aims to enhance living conditions and community development across urban and rural areas, thereby fostering social equity and economic growth.
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