The Financial Regulatory Authority (FRA) has unveiled that Egypt’s mortgage finance activity dropped by 84.2% last April versus the year-ago figures, Invest-Gate reports.

Merely EGP 62.7 mn worth of mortgages were extended in April, compared to EGP 395.8 mn in April 2019, according to the FRA’s monthly report on real estate finance.

Moreover, the value of mortgage refinances stood at EGP 33 mn in April 2020 versus EGP 161 mn in the prior-year period, reflecting a 79.5% decline, the FRA further revealed.

According to the FRA’s paper, about 83 mortgage transactions have been sealed this aforementioned month, compared to 1,037 agreements in April 2019, going down by 92%.

Mortgage companies presented funds worth EGP 750 mn in the period from January to April, a contraction of 10.3% from EGP 836.4 mn in the same period of 2019, as highlighted in the report.