Mortgage financing companies provided funds worth EGP 423.4m in January and February 2020, up 66.9% from EGP 253.7m in the same two months of 2019, according to the Financial Regulatory Authority (FRA).
The FRA said that the value of mortgage refinancing decreased by 80.5% to EGP 33m in January and February 2020, compared to EGP 169m in the same period last year. Mortgage financing contracts decreased 65.8% to 644 in January and February 2020, down from the 1,492 contracts in the same period last year.
Investors with incomes of up to EGP 2,500 acquired EGP 18m in 171 mortgage contracts during the first two months of 2020. This compared to EGP 90.6m in 861 mortgage contracts in the first two months of 2019.
Investors with income ranging between EGP 2,500 and EGP 3,500 acquired mortgage funds of EGP 6.4m with a total of 60 contracts in January and February 2020. This compared to the EGP 37.7m and 305 contracts in the same period of the previous year.
Meanwhile, investors with an income bracket of EGP 3,500 or more acquired EGP 398.9m in 413 mortgage contracts in January and February 2020. This compared to the 326 contracts worth EGP 125.5m of funds in the same period of the previous year.
The number of purchased fund portfolios in January and February 2020 reached 328, at a value of EGP 258.1m, compared to 177 contracts worth EGP 29.6m in January and February 2019.
