Egypt’s Minister of Housing, Utilities, and Urban Communities, Sherif El-Sherbiny, has announced that the first phase of the “Your Home in Egypt” initiative is projected to generate approximately $500m in revenue, offering around 5,000 housing units to Egyptian expatriates.
Speaking at the launch conference on Sunday, El-Sherbiny revealed that the initiative’s online booking platform saw overwhelming demand, with 10,000 reservations recorded within just 48 hours of its opening. During this period, $2.5m was collected in down payments from 1,000 applicants, with Egyptian expatriates in Saudi Arabia leading the demand.
El-Sherbiny emphasized the resilience of Egypt’s real estate market, asserting that the sector continues to experience strong and sustainable demand, dismissing concerns of “a real estate bubble.” He also highlighted an extensive international promotional campaign designed to attract expatriates to invest in property back home.
The housing units under the initiative are available for immediate delivery, with a maximum handover period set for the end of 2025. These properties are being offered at discounted prices compared to the local market, with flexible payment plans extending up to 10 years. More than 5,000 units have been strategically selected across nine newly developed cities, catering to various preferences and specifications to meet the needs of Egyptians living abroad.
To ensure a seamless purchasing process, payments can be made via bank transfers or credit card transactions. A dedicated website has been developed to facilitate remote access, allowing potential buyers to explore available units using advanced virtual tour technology.
Minister of Foreign Affairs, Immigration, and Egyptian Expatriates’ Affairs, Badr Abdelatty, stressed that the Prime Minister is closely monitoring the initiative to enhance services for Egyptians abroad and strengthen their ties to their homeland.
Hesham Okasha, CEO of Banque Misr, confirmed that the bank has been appointed as the official banking partner for the initiative, ensuring the secure processing of all transactions.
The initiative offers exclusive incentives for Egyptian expatriates, including discounts ranging from 3% to 10% off market prices and extended payment plans of up to 10 years.
The newly launched website provides a fully integrated digital experience, allowing users to virtually tour the units, review property details, and explore different locations before making a purchase decision. It also offers comprehensive information on available residential projects, booking conditions, and secure payment options, including bank transfers, ATM transactions, and credit card payments.
