Mortgage finance activity for the first seven months of 2016 recorded EGP 564 million, compared to EGP 586 million in 2015, said Sherif Samy, Head of the Egyptian Financial Supervisory Authority (EFSA), reported Al Borsa News.
The total outstanding funding balance for mortgage companies amounted to EGP 2.8 billion in 2016, a 6% increase from the same period in 2015. About EGP 74 million were re-mortgaged by the Egyptian Company for Mortgage Refinance Operations.
Mortgage beneficiaries with monthly incomes greater than EGP 3,500 represent 87% of the total number of beneficiaries, while 10% of the beneficiaries have monthly incomes between EGP 2,500 to EGP 3,500.
About 70% of the total number of mortgage contracts were for units of area size greater than 86 square meters, 25% of contracts were for units between 66-86 square meters, and units less than 66 square meters represented 4% of the contracts.
The value of purchased portfolios accounts for 55% of the total value of contracts for real estate finance companies during the period, and 45% were for direct customer contracts and mortgage companies.
The total number of real estate appraisers registered with EFSA is recorded at 187 by the end of July 2016, compared to 185 at the end of the same month in the previous year.