Mortgage financing companies provided funds worth EGP 168.5m in January 2020, up 46.6% from EGP 114.9m in January 2019, according to the Financial Regulatory Authority (FRA).
The FRA said that the value of mortgage refinancing decreased to EGP 14m in January 2020, compared to EGP 101m in the same period last year. This marks an 86% decline.
The report said the number of mortgage financing contracts reached 311 in January 2020, down from 863 contracts in January 2019, a decrease of 64%.
Investors in income brackets up to EGP 2,500 acquired EGP 8.4m, with a total of 80 contracts, in January 2020. This compared to EGP 53.6m, with total of 509 contracts, in January 2019.
Investors with income ranging between EGP 2,500 and EGP 3,500 acquired funds of EGP 2.4m with a total of 26 contracts in January 2020. These figures compare to the EGP 20.6m and totalling 169 contracts of January 2019.
At the same time, EGP 3500-income brackets investors have acquired EGP 157.6m totaling 205 contracts in January 2020. These figures compare to the 185 contracts with a total of EGP 40.7m of funds in January 2019.
The report highlighted that the Mortgage Finance Fund served 131 clients, with a total value of purchased units of EGP 14.6m in January 2020, compared to 732 clients with a total finance of EGP 81.1m in January 2019.
There are a total of 19 ordinary clients, with purchased units valued at EGP 52m in January this year, compared to 19 clients with a value of EGP 20m in January 2019.
