Mohamed Salama, marketing and product manager at Amlak Finance Egypt, expects the value of mortgage financing to surpass EGP 3 bn in 2019, Invest-Gate reports.

The mortgage market in Egypt is booming as it logged EGP 2.2 bn in 2018, a record-breaking increase of approximately EGP 600 mn compared to 2017, for the first time in the history of mortgage finance in Egypt, Salama revealed in a press statement on March 17.

Such exceptional performance comes on the back of the improvements in the economic indicators for Egypt, following the EGP floatation in November 2016, he elaborated.

Additionally, the decrease in interest rates, based on the decision of the Central Bank of Egypt’s (CBE’s) Monetary Policy Committee last month, is a great opportunity for the mortgage sector to revive once again to offer diversified products at a competitive rate of return and attract wider segments of customers, he noted.