Egypt's mortgage companies have granted funds estimated at 540 million Egyptian pounds ($60.7 million) during the first half of 2016, compared to 542 million pounds a year earlier, Sherif Samy, Chairman of the Egyptian Supervisory Authority, said Sunday. The mortgage firms' current funds balance grew by 5 percent during the first half of 2016 to register 2.7 billion Egyptian pounds, Samy noted. In addition the value of remortgage paid by Egyptian Mortgage Refinance Company's has recorded 74 million pounds. On the other hand, the mortgage clients whose monthly income is more than 3500 seized 87 percent of the total number of the potential beneficiaries. The mortgage clients whose monthly income is between 2500 and 3500 captured 10 percent of the total number of the beneficiaries. Furthermore, the housing units with more than 86 square meters have captured 70 percent of the total number of contracts. The housing units between 66 and 86 square meters got 68 percent of the total value of contacts. The value of portfolios bought by real estate development companies is estimated by 58 percent of the total value of mortgage companies' contracts. Moreover, the number of property assessment experts registered in EFSA is estimated at 187 by the end of June 2016, versus 182 experts in 2015.
