2nd phase of medium-income housing project to launch Thursday
Housing Minister Moustafa Madbouly - YOUM7

CAIRO: The Ministry of Housing, Utilities and Urban Development announced that the second phase of Dar Misr project for medium-income housing is to launch next Thursday, Youm7 reported Tuesday.

The ministry stated that reservations will be opened starting from next September in 11 cities.

“The second phase includes 25,656 housing units, with areas between 100 and 150 meters,” stated Housing Minister Mostafa Madbouly Tuesday.

The cities included in the project’s second stage are  6 of October, Sheikh Zayed, New Cairo, Sherouq, Obour, Badr, 10th of Ramadan, New Damietta, Sadat, New Minya and New Borg al-Arab.

There are two versions of payment; the first is through paying 25,000 EGP in advance and the rest through a five-year term of installment payment. The second is through the mortgage finance initiative of the Central Bank, with 8 percent interest over a 15-year term. .

The ministry stated that reservations are limited to Egyptians of not less than 21 years old. Also, each applicant is entitled to reserve in only one city and only one unit for each applied family.

In May, Madbouly stated that 20 percent of the first phase of the project had been completed, and that the units are to be delivered in 18 months.

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