Egypt’s mortgage finance activity finance declines 84.2 % in April

Egypt’s mortgage finance activity finance during April 2020 dropped by 84.2 percent during April, according to the Financial Regulatory Authority (FRA).

The FRA noted that funds worth 62.7 million Egyptian pounds were granted in April 2020, compared to 395.8 million pounds in April 2019.

Mortgage finance companies provided funds worth  750 million pounds in the period from January to April 2020, a decrease of 10.3 percent from 836.4 million pounds in the same period of 2019.

Moreover, the FRA said the value of mortgage refinance in April 2020 reached 33m pounds, compared to  161m pounds in April 2019, reflecting a decline of 79.5 percent.

A total of 83 mortgage finance contracts were undertaken during this April, compared to 1,037 contracts a year earlier in April 2019, a decline of 92%.