Madinet Masr Introduces New Way to Buy & Own Property With ‘Touba’
No more fixed date commitments and bank cheques; Touba enables you to monitor payments over a mobile app.
There was once a time when home ownership felt physical and actual and real, when you would be able to construct the structure with your own hands and feel like the home is truly yours, brick by brick. Since then the concept of real estate ownership has become a matter of changing hands, of debt and inconvenience. Yes, you want to live in that glamorous compound, with the privacy and the comfort and the various perks that come with it - but what about all the hoops you have to jump through on the way? The paperwork, the office visits, all those fixed date commitments? It’s time for a paradigm shift, and Madinet Masr - an influential player in Egypt’s urban development sector - has come out with a new way of owning property that brings it all back into your hands.
Developed by Madinet Masr Innovation Labs, Touba (which is Arabic for ‘Brick’) is a new way of looking at property. A Touba is used as a unit of measurement, with a particular property being made up of a number of Toubas. Each Touba represents a flexible payment plan that spans up to a decade, which can be digitally opted into through a user-friendly mobile app. Simply initiate your Touba payment plan and keep track of it over your phone, without ever needing to visit the company’s office.
“Our mission is to drive growth in Egypt through the development of sustainable communities,” Eng. Abdallah Sallam, President and CEO of Madinet Masr, tells CairoScene. “Touba is launched to revolutionize the real estate sector in Egypt and introduce innovative flexible payment plans that accommodate the various needs of our customers based on their capabilities without the burden of fixed date commitments and bank cheques. Meanwhile, we aim to contribute to the growth of the sector through creating innovative solutions that encourage property investments and purchasing.”
Buyers can commence their property ownership journey with just a 15% down payment, with the remaining cost of Toubas distributed over a period of up to 10 years. This adaptable payment plan considers the customer's financial status, removing the need for rigid installment schedules or bank checks.
Furthermore, the digital platform empowers property buyers by enabling them to check their ownership percentage and the current market price of Toubas. Property units secured through Toubas are expected to be delivered within four years.
The all-new concept will be debuted at Elan at Sarai, New Cairo. But it doesn’t end there - Madinet Masr's commitment to innovation extends beyond Touba. The company is committed to seeking diverse solutions for the real estate market, addressing challenges faced by investors and property seekers alike. As part of its expansion strategy, Madinet Masr is nurturing a new generation of young talent capable of applying sustainability standards across all products and sectors, with an eye on a more sustainable future.
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