Housing Ministry sees USD 2.5 mn in deposits within 48 hours of launching Your Home in Egypt initiative

High demand for the Your Home in Egypt initiative: The Housing Ministry received USD 2.5 mn in reservation deposits within 48 hours of opening online reservations for the first phase of the Your Home in Egypt initiative, according to a ministry statement.

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FX for real estate: The initiative — first revealed in December — aims to generate USD 500 mn in revenue from selling 5k residential units to Egyptians abroad. The highest demand came from expats in Saudi Arabia, the UAE, and Bahrain, Housing Minister Sherif El Sherbiny said in a presser on Sunday (watch, runtime: 22:09). The project is part of the government’s push to generate USD 2 bn from its new real estate export platform this year.

REFRESHER- The Your Home in Egypt initiative provides Egyptians abroad the chance to purchase units priced 3-10% lower than market rates and offers payment plans that extend to 10 years. The initiative spans across 12 developments in the new capital, New Alamein, New Mansoura, 6th of October City, Sheikh Zayed, New Cairo, and other areas. Transfers must be made in USD, and applicants are required to have a foreign bank account that has been active for at least six months.

Making payments easier: Banque Misr, the New Urban Communities Authority and eFinance have signed a cooperation protocol aimed at facilitating payments and collection processes for the initiative, according to a press release (pdf).

The details: Buyers can reserve, contract, and pay for units through a new website developed with Banque Misr, the initiative’s exclusive banking partner. Payments will be collected in USD via international bank cards, exchange offices, and SWIFT transfers.