Demand for mortgage financing increased by 94% in just 8 months

Chairperson of the New Cairo and New Administrative Capital Developers Association Mohamed Al-Bostany announced that mortgage financing has doubled by 94% in just eight months, which confirms that mortgage financing is an effective solution to facing the continuous hikes in real estate prices.

“The Financial Regulatory Authority (FRA) has announced in the past few days an increase in the number of mortgage financing contracts, which amounted to 6,801 contracts at a value of EGP 8.7bn during the period from January to August 2022, compared to 4,057 contracts at a value of EGP 4.5bn during the same period last year with a growth rate of 67.6% in the number of contracts and a growth rate of 94.8% in the value of contracts,” said Al-Bostany.

“Meanwhile, the total value of mortgage refinancing reached EGP1.5bn during the first eight months of 2022, compared to EGP 1.2bn during the same period last year, with a growth rate of 32.5%.”