Egypt’s mortgage finance activity falls 11.9% in H1 – report

Egypt’s mortgage finance activity dropped 11.9 percent year-on-year to 1.1 billion Egyptian pounds ($69.4 million) during the first half of this year, according to a report.

Earlier, mortgage finance registered 1.2 billion pounds during the first half of last year.

The value of first-half mortgage refinance fell 87.1 percent to 84 million pounds from 649 million pounds during the same period in 2019, the Egyptian Financial Regulatory Authority (FRA) said in its recent report on Tuesday.

A total of 1,375 mortgage finance contracts were undertaken during the first half of the current year against 5,167 contracts during the same period of last year, the report added.