Mortgage Firms Grant EGP 540M in 2016

Tuesday, 2nd August 2016

Egyptian mortgage firms granted EGP 540 million during the first half of 2016, compared to EGP 542 million in the same half of the previous year, according to Al Borsa News.

The total financing balance for the mortgage companies was recorded at EGP 2.7 billion for the first half of 2016, a 5% increase from 2015, said Sherif Samy, Chairman of the Egyptian Financial Supervisory Authority, Amwal Al Ghad reported.

The number of mortgage customers in the income bracket of more than EGP 3,500 per month represent 87% of the total number of beneficiaries during the period, while 10% of the clients  are of the income category greater between EGP 2,500 and EGP 3,500 per month, said Samy.

Approximately 30% of beneficiaries prefer acquiring residential units larger than 86 square meters, while 68% prefer units between 66-86 meters square,  and only 4% prefer units less than 66 square meters.

An estimated 58% of the total value of mortgage companies’ contracts were bought by real  estate development companies. The number of real estate appraisers was recorded at 187 by the end of June 2016, compared to 182 compared to the same time last year.

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