The Egyptian mortgage sector rose by 12% in the first 5 months of 2016, said Sherif Samy, Chairman of the Egyptian Supervisory Authority, reported Amwal Al Ghad.

An estimated EGP 442 million were granted by the mortgage firms in 2016 compared to the EGP 396 million for the same period in 2015, Samy added.

A total of EGP 2.8 billion were registered in the mortgage firms’ current funds balance in May of this year and the EGP 55 million was the remortgage paid by Egyptian Mortgage Refinance Company, Samy noted.

About 86% of the total number of potential beneficiaries were clients whose monthly income is more than EGP 3,500, and 11% of the recipients were clients with monthly income between EGP 2,500 and EGP 3,500.

Residential units with areas greater than 86 square meters captured 69% of the number of contracts where units between 66 and 86 meters square received 28% of the total value of contracts.

The real estate development companies value of portfolios amounts to 57% of the total value of mortgage companies contracts.

The number of property assessment experts registered with EFSA grew to 188 experts in May 2016 versus 181 experts in May 2015.