Mortgage Companies Provide EGP 783 mn by October 2016

Tuesday, 6th December 2016

Total real estate funding activity amounted to EGP 783 mn in the first 10 months of 2016, compared to last year’s EGP 732 mn, marking a 7% increase, according to Sherif Samy, head of the Egyptian Financial Supervisory Authority (EFSA), reported Arab Finance.

The total assets of mortgage companies amounted to EGP 2.8 bn in the same period, marking a 10% increase from last year, Samy continued.

Financial leasing activity recorded a 5% growth by October 2016, where leasing contracts recorded a total of EGP 16.7 bn, compared to last year’s EGP 15.9 bn, added Samy. Meanwhile, the number of contracts decreased from 2,216 to 1,964 contracts in the same period.

Financial leasing contracts for real estate units and lands made up the largest percentage of leasing contracts, recording a total of EGP 11.8 bn. Further, the number of mortgage companies listed in the authority increased to 223 companies from last year’s 219 companies.

Contracts for residential units of floor plans more than 86 square meters amounted a total of 64% of the total number of contracts, while those sized between 66 and 86 square meters constituted 31% of contracts.

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