In a strategic move to bolster foreign investment and support its real estate sector, the Egyptian government has launched the “Your House in Egypt” initiative, offering approximately 5,000 residential units across multiple new cities to Egyptians living abroad. The initiative, announced by the Egyptian Cabinet on February 23, is spearheaded by the Ministries of Housing and Foreign Affairs, allowing properties to be booked in foreign currencies with flexible payment options.
The program responds to growing demand from Egyptian expatriates, following requests made during a conference organized by the Ministries of Foreign Affairs and Immigration in August 2024. Minister of Housing, Utilities, and Urban Communities Sherif El Sherbiny and Minister of Foreign Affairs Badr Abdel Aaty signed a cooperation protocol to facilitate the initiative’s implementation, with further programs planned to cater to expatriates’ housing needs.
Strong demand and digital integration
El Sherbiny highlighted the overwhelming demand for the initiative, noting that within 48 hours of the booking window opening, approximately $2.5 million had been collected. To streamline transactions, a trilateral cooperation protocol was also signed between the New Urban Communities Authority, Banque Misr, and e-Finance Company, ensuring seamless and secure electronic payment options.
The initiative’s official online portal enhances accessibility by offering high-definition virtual tours, enabling potential buyers to explore unit layouts, project locations, and surrounding amenities remotely. The platform allows users to complete the entire booking process online with full transparency.
First phase: diverse offerings across key cities
The first phase of “Your House in Egypt” provides units in 12 residential projects nationwide, catering to various preferences and budgets. These include:
Cairo & Surroundings: “Arabesque” (125–179 m²), “Capital Residence D2” and “Promenade D2” in the New Administrative Capital (114–392 m²), “New Garden City” in the New Administrative Capital (79–344 m²), and “Madinaty” in New Cairo (96–178 m²).
Greater Cairo & Giza: “Valley Towers East” in New Obour City (89–116 m²), “Saba” in 6th of October City (95–141 m²), “Valley Towers” in October Gardens (96–101 m²), and “Bliss Gates” in Sheikh Zayed (80–220 m²).
Coastal Cities: “Beach Front Towers” in New Alamein (215–678 m²), “Latin Quarter” in New Alamein (68–250 m²), and “Zahya” in New Mansoura City (360–504 m²).
All units are available for immediate delivery, with a maximum handover deadline set for the end of 2025. Buyers benefit from attractive discounts ranging from 3% to 10% below market prices, as well as flexible payment plans extending up to 10 years.
Economic impact and investment potential
Mohamed ElZaeem, an economist and international cooperation specialist at the Ministry of Housing, emphasized the initiative’s role in strengthening economic ties with Egypt’s 11 million expatriates. Remittances from Egyptians abroad reached $30 billion in 2024, a significant contributor to the national economy.
“The initiative enhances investment opportunities for Egyptians abroad while reinforcing their connection to their homeland. December alone saw remittances rise to $3.2 billion, marking a 24.5% monthly increase. In the first half of FY 2024/2025, remittances surged by 80.7%, reaching $17.1 billion,” ElZaeem told Business Monthly.
Beyond personal investments, the initiative is projected to inject $500 million into the real estate market in its first phase. Given that real estate accounts for approximately 11% of Egypt’s GDP, increased investment in the sector is expected to drive further growth, create jobs, and generate additional government revenues through property taxes, service fees, and VAT.
Challenges and considerations
Despite the initiative’s promising outlook, challenges remain. Egypt’s high interest rate of 28.25% poses a financial burden on potential buyers, alongside a 1.5% administrative fee for the Ministry of Finance. “Lowering interest rates in the future would ease financial strain on applicants, while increases could deter potential investors,” ElZaeem noted.
Additionally, he stressed the importance of a robust marketing strategy to ensure the initiative reaches a wider audience. “Insufficient promotion could limit participation, reducing the program’s impact,” he warned.
“Your House in Egypt” is poised to reshape the country’s real estate landscape by fostering stronger financial and emotional ties between Egyptians abroad and their homeland. If successful, the initiative could serve as a model for attracting foreign investments into Egypt’s housing sector, further bolstering the national economy.
