Egypt’s mortgage sector leapt by 600% in 2016

Egypt’s mortgage sector has jumped by 600 percent during January 2016, largely the mortgage companies has granted funds estimated at 93 million Egyptian pounds ($11.8 million) versus 12 million pounds during the same month last year.

Sheriff Samy, Chairman of the Egyptian Supervisory Authority, made those remarks in a statement on Tuesday.

He added that the mortgage firms’ current funds balance registered 2.7 billion by the end January 2016, while the volume of remortgage paid by Egyptian Mortgage Refinance Company’s has recorded 6 million Egyptian pounds.

On the other hand, the mortgage clients whose monthly income is more than 3000 seized 95% of the total number of the potential beneficiaries. In addition, the housing units with more than 86 square meters have captured 87 percent of the total number of contracts.

the housing units between 66 square meters and 86 square meters have got 4 percent of the contacts  however, the housing units with 66 square meter and less secured 9 percent of the mortgage contracts.