Al-Tameer Mortgage Finance Company (Al Oula) has signed a cooperation protocol with the New Urban Communities Authority (NUCA) to support Egypt’s mortgage finance system and expand access to housing finance for customers seeking to purchase units owned by the Authority.
Ayman Abdel Hameed, Vice Chairperson and Managing Director of Al Oula, said the agreement aims to finance a portfolio of residential units developed by the Ministry of Housing and offered under the free-market mortgage finance system, outside the scope of state-subsidized housing initiatives.
He explained that the protocol targets a long-standing gap in Egypt’s real estate market, particularly for mid- and lower-cost housing segments that fall outside government-backed mortgage programs.
Under the agreement, Abdel Hameed noted, the Ministry of Housing will act as both developer and seller, while mortgage finance companies will provide financing in accordance with prevailing free-market lending regulations. Unlike state-supported mortgage initiatives launched since 2014, this framework does not include direct interest-rate subsidies.
Abdel Hameed described the targeted segment as the “missing link” between subsidized social housing and higher-priced middle- and upper-middle income units developed by private real estate companies. He added that the units covered by the protocol will be priced above social housing levels but below traditional middle-income housing, a category that currently faces limited supply despite strong demand.
The cooperation protocol is expected to broaden access to mortgage finance for a wider base of homebuyers and contribute to improving housing affordability across Egypt’s real estate market.
