The United Bank : Enabling the citizen to have adequate housing is a priority


Ashraf El Kady: The United Bank Board of Directors’ Chairman
Enabling the citizen to have adequate housing is a priority for the president and the central bank in the new republic
Cairo: July 13th, 2021

In a quick response to the directions of the President of the Republic, Abdel Fattah El Sisi, today, the Central Bank of Egypt announced the initiative of the Central Bank of Egypt to provide housing for low and middle-income people with a competitive interest of 3% and over long periods of time up to 30 years.

The United Bank announced the launch of a distinguished group of housing units to enable the citizen to have adequate housing according to the different levels of income in the new republic. Competitive prices starting from 500 thousand pounds to one million 400 thousand pounds, fully finished

Ashraf El Kady added that the real estate financing programs of the United Bank are provided in distinguished places in 8 governorates, Fayoum - Beni Suef - Minya - Assiut - Sohag - Qena - Luxor - Aswan. It also provides real estate financing services for low- and middle-income people in 4 governorates in the Canal Zone: Port Said - Suez - Ismailia and the Red Sea. As well as 9 cities in the new urban communities: 6th of October - 10th of Ramadan - Obour - El Shorouk - Badr - Bourg El Arab - Nubaria - New Damietta and New Alamein City. There are also 7 governorates in Lower Egypt andd Delta region, which are: Menoufeya - Gharbeya - Beheira - Kafr El Sheikh - Sharkeya - Dakahleya - Cairo.

El Kady expressed that the United Bank, according to the report issued by the Social Housing and Real Estate Finance Support Fund, is the seventh largest financier for low-income housing, with investments exceeding one billion pounds.

He explained that the presidential initiative for real estate finance and the decisions of the Central Bank of Egypt will make a qualitative leap for the real estate market and a leap in the real estate investment sector in Egypt. This is due to the high demand of the low and middle-income category to purchase housing units in the various governorates of the Republic. This group represents about 60-70% of the Egyptian population.

The process of buying real estate is very popular with Egyptians, but the main problem remains in the availability of financial capabilities and the launch of this initiative at this ideal time will strike the required balance between the desire to acquire real estate and the available possibilities, especially for the youth group. Owning the unit becomes a real estate financing installment equal to the rental value of the unit.

El Kady added that the banking sector, led by the Central Bank of Egypt, deals with high flexibility and great facilities, as well as measures to support the citizen in obtaining the required property according to his capabilities and in various parts of the Republic.