Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund (SHMFF), announced that total mortgage financing in Egypt has reached approximately EGP 81.22bn, benefiting 617,500 recipients through 22 banks and eight mortgage finance companies. She noted that direct cash subsidies granted to beneficiaries amounted to EGP 10.13bn, with an average mortgage loan of EGP 131,500 per client.
Since June 1, 2014, a total of 19 housing announcements have been issued, attracting applications from 2.1 million citizens. Abdel Hamid shared these updates during a meeting of the Social Housing and Mortgage Finance Fund’s Board of Directors, chaired by Sherif El-Sherbiny, Minister of Housing, Utilities, and Urban Communities. The meeting reviewed progress on housing projects for low- and middle-income citizens under the presidential initiative Housing for All Egyptians, the status of the initiative’s fifth phase, and key performance indicators.
El-Sherbiny stated that nearly one million housing units for low-income citizens have been completed or are under construction as part of the initiative. Of these, 721,000 units have been fully delivered, while 251,000 are still being developed. The initiative’s fifth and sixth phases include the construction of 54,600 green housing units across nine cities. Additionally, 27,944 middle-income and investment housing units are under construction in 15 cities and governorates.
Providing further details on the “Housing for All Egyptians 5” announcement, Abdel Hamid revealed that 78,000 housing units are included in this phase. She noted that approximately 762,000 citizens have purchased application booklets, with 589,000 paying the reservation deposit. Around 571,000 applicants have submitted their requests online through the fund’s official website.
The government’s continued efforts to expand affordable housing options reflect its commitment to addressing the growing demand for homeownership while ensuring access to mortgage financing for low- and middle-income citizens.
