Egypt's cabinet agreed to extend the deadline for expatriates to reserve land at the Beit Al-Watan project in addition to units at the Rehab and Madinaty projects until 21 July as there are several national holidays in this period. The Housing Ministry has offered plots of land in the third phase of Beit Al-Watan project in New Cairo's fourth and fifth neighbourhoods, as well as the cities of 6th of October City, New Damietta, Sheikh Zayed, Badr, New Assiut, New Qena, and New Aswan. Egyptian expatriates can reserve plots of land in the new phase of the Beit Al-Watan project through the ministry's official website, Madbouly told state-run MENA on Saturday. The ministry offered 1,320 housing units for reservation by Egyptians abroad in the Madinaty project, which is located in New Cairo, and 1,248 housing units in the Rehab project in New Cairo, he added. These units are complete and come in different models, ranging from 58-162 sqm. The units are ready for immediate delivery. Assistant to the Minister of Housing for Technical Affairs Khaled Abbas said there are some criteria for applicants, such as holding Egyptian nationality and being over the age of 21. Abbas explained that the booking and payment can be done via bank transfer from abroad in US dollars, or from inside the country via personal accounts of the applicant according to the instructions of the Central Bank of Egypt (CBE). The applicant has the right to reserve three plots of land in each city, across all available cities in all project phases. "Units will be allocated 10 days after the reservation deadline to allow the CBE to arrange transfers according to the time and date of allocation. The delivery of land begins in January 2017 for all cities, and in June 2017 for New Cairo," Abbas said. "Regarding the payment protocols, there is a 25% down payment. The rest of the amount can be paid over five years including the interest rate on US dollar certificates (3.5% annually). The first installation should be paid within a month of the delivery date". Abbas explained that the price of the US dollar has stabilised according to the exchange rate on the reservation day. In the case of immediate payment of the first instalment, 15% will be deducted from the amount remaining after the down payment. 1% of the value of the land is paid in favour of the Social Housing Fund in accordance with law 33/2014. source: Daily news Egypt
