Egypt’s mortgage sector leapt by 30 pct in 2016

Egypt’s first-quarter mortgage activity surged by 30 percent, the head of Egyptian Financial Supervisory Authority, Sherif Samy said Tuesday.

The mortgage companies have granted funds of 303 million Egyptian pounds in 2016 compared to 234 million Egyptian pounds in 2015, Samy noted.

Emrc-Egyptian Mortgage Refinance Company has paid remortgage of 69 million pounds in 2016. In addition, the mortgage firms’ current funds balance registered 2.7 billion by the end of March 2016.

On the other hand, the mortgage clients whose monthly income is more than 3000 seized 85% of the total number of the potential beneficiaries. In addition, the housing units with more than 86 square meters have captured 94 percent of the total number of contracts.

While, the housing units between 66 square meters and 86 square meters have got 2.6 percent of the contacts.

Moreover, the number of property assessment experts registered in EFSA is estimated at 188 by the end of March 2016, versus 197 experts in 2015.