Yes, if what happened amounts to fraud (tadlees) you may seek to cancel the contract. A contract may be annulled for fraud where the deceptive means used by one party, or his agent, are so grave that without them the other party would not have concluded the contract (art. 125). Crucially, deliberate silence about a fact or circumstance is treated as fraud if it is shown you would not have contracted had you known it (art. 125) — deliberately hiding a key defect falls within this.
If the fraud came from someone other than the other contracting party, you cannot seek annulment unless you prove that the other party knew, or must inevitably have known, of the fraud (art. 126).
On timing: the right to annul lapses if not asserted within three years (art. 140), running in fraud cases from the day it is discovered (art. 140). In all cases, annulment for fraud cannot be invoked once fifteen years have passed from conclusion of the contract (art. 140). On annulment, the parties are restored to the position they were in before the contract (art. 142).
This is general legal information, not legal advice. For advice on your specific situation, consult a lawyer licensed in Egypt.