Egypt’s first-quarter mortgage finance activity grows 56%

Egypt’s mortgage finance activity recently increased 56 percent year-on-year to 684.4 million Egyptian pounds during the first quarter of this year, according to a report.

Earlier, the mortgage finance activity recorded 440 million pounds during the first quarter of 2019.

Meanwhile, first-quarter mortgage refinance contracts fell 85.4 percent to 37 million pounds from 53 million pounds during the same period last year, said the Egyptian Financial Regulatory Authority (FRA) in its report on Thursday.