Mortgage companies provide EGP 1.4bn in 11 months

Daily News Egypt
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Mortgage financing granted by mortgage companies from the beginning of the year to the end of November 2017 amounted to EGP 1.4bn, compared to EGP 1bn a year prior, according to the report issued by the Financial Regulatory Authority (FRA) in November.

The FRA report said that the increase in the volume of funding amounted to EGP 400m, an increase of about 46%.

The report pointed out that the total volume of mortgage financing granted by companies from the beginning of the activity until the end of October amounted to about EGP 8.3bn, compared to EGP 6.8bn during the same period last year.

The rate of increase in the volume of financing in the mortgage sector since its inception came to about 23%.

The FRA noted that the refinancing of the Egyptian Mortgage Refinance Company (EMRC) increased by more than 10.8% between January and November 2017, compared to the same period of 2016.

The FRA added that the amount of refinancing granted during the 11 months reached EGP 141m, comparedup from EGP 132m in the same period of 2016.

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