Great interest in the New Capital
Explore the social housing programme in the New Capital, the biggest and most recent real estate project in Egypt, and the most important economically. That’s all because it’s directly funded and sponsored by the government, as it’s about to become the official administrative headquarter of the Egyptian government.
New Capital’s Location Features
Because it’s about to be the official Administrative Capital of Egypt, home to all the ministries and embassies of the country and an alternative to Cairo, it’s not surprising how great its location is. The New Capital lies at Badr City boarders, between the Cairo-Suez road and the Cairo-Ain El Sokhna road, directly after New Cairo, El Mostaqbal city, and Madinaty. It’s only about 60 kilometers from Ain El Sokhna, Suez and the heart of Cairo.
The New Capital also falls between the province of Greater Cairo and El Suez Canal, near the Regional Ring Road and the Cairo-Suez Road.
New Capital, the Future City.
The new capital will have the headquarters of the Egyptian Parliament and the presidency along with all the main ministries, embassies, an international airport and a central park.
This city was designed to be an elegant, neat new capital for Egypt, which is why the city’s infrastructure is based on the highest international standard.
Social housing programme in New Capital
The Ministry of Housing has recently announced building about 538 housing units in the New Capital, specifically in neighborhood (R3), all with spaces ranging from 130 to 170 square meters, with priority to online reservations through the Housing and Development bank.
The targeted number of residents for the first phase is about 0.5 million, along with about 40 to 50 thousand governmental employees to be transferred into the new headquarters. After 3 years, this number is expected to increase to 100,000.
The whole city is built on 170 thousand feddans, and it’s planned to house about 6.5 million residents when it’s complete, with 2 million new jobs to offer.
Payment methods
According to the advertisement, applicants must pay EGP100,000 as a security deposit to prove the intention of completing the reservation.
Followed by 10% of the expenses of the units, in addition to (1% administrative expenses + 0.5% board of trustees) of the units, the full price must be paid within a month from the reservation.
Another 10% of the unit’s price must be paid in 6 months after reservation, and 10% after receiving.
The remaining can be paid through quarterly installments for 3 years with zero interest, or quarterly installments for 5 up to 7 years with interest.
The Ministry of Housing in Egypt has set up many projects in the New Capital for average families, like Dar Misr. It aims to build 150 thousand housing units in new cities. Almost half of these units are now completely finished.
The Sakan Masr project targets the upper-middle class, where it includes about 40,000 units.
*Please keep in mind that all the prices in the article are subject to change, and we at Aqarmap are constantly updating our prices guide for districts to keep our customers and readers informed about the latest updates in the real estate market.