Egypt’s mortgage activity grows 12 percent in five months

Egypt’s mortgage sector activity grew 12 percent during the first five months of 2016, Sherif Samy, Chairman of the Egyptian Supervisory Authority, said Saturday.

Largely the mortgage companies have granted funds estimated at 442 million Egyptian pounds ($49 million) versus 396 million pounds during the same month last year, Samy noted.

He added that the mortgage firms’ current funds balance registered 2.8 billion by the end May2016, while the value of remortgage paid by Egyptian Mortgage Refinance Company’s has recorded 55 million Egyptian pounds.

On the other hand, the mortgage clients whose monthly income is more than 3500 seized 86% of the total number of the potential beneficiaries. The mortgage clients whose monthly income is between 2500 and 3500 captured 11 % of the total number of the beneficiaries.

Furthermore, the housing units with more than 86 square meters have captured 69 percent of the total number of contracts. The housing units between 66 and 86 square meters got 28 percent of the total value of contacts.

The value of portfolios bought by real estate development companies is estimated by 57 percent of the total value of mortgage companies’ contracts.

Moreover, the number of property assessment experts registered in EFSA is estimated at 188 by the end of May 2016, versus 181 experts in 2015.