Initiative to help youth own low cost properties gains momentum

High real estate prices have prompted Mahmoud Abdel Shafy, a real estate entrepreneur, to launch a campaign to resolve the growing issue.

The campaign, entitled Beitak Bi Edak (your home by your hands), is helping youth own their own homes at reasonable prices and to make profits from their savings as well.

Abdel Shafy explained to Daily News Egypt that the campaign gathers youth in groups; each group consists of eight to 10 members, sharing the same location of home preferences and similar social status, and thus the amount of savings for buying an apartment.

The common savings amount for buying an apartment in Egypt begins from EGP 250,000, according to Abdel Shafy. “If every member contributes EGP 300,000, they can build a five-floor building,” he said.

“After the group is formed, they combine their savings together to buy a piece of land in the chosen location,” he said. After that, the process of construction begins.