CAIRO: The total portfolio of mortgage firms in the Egyptian market is estimated at 2.5 billion EGP ($327.65 million,) head of the Egyptian Financial Supervisory Authority (EFSA) Sherif Sami announced Tuesday.
Speaking at the “Mortgage Development Partners” conference held Tuesday, Sami said, “difficult procedures and high-cost requirements are the key reasons behind the weakness of mortgage system in Egypt.”
The head of Egypt’s market regulator further noted that the EFSA has recently urged Egypt’s Prime Minister to form a committee which includes representatives of the Justice Ministry, mortgage firms and experts to discuss such procedures and possible ways to facilitate them.
Sami also revealed that the EFSA aims to conduct the elections of the first federation of all entities working in the mortgage market ahead of the beginning of the month of Ramadan, a step aimed to bolster the mortgage sector.
Mortgage firms have doubled the funds directed to the real estate sector to 270.4 million EGP in the first quarter of 2015, compared to 126.5 million EGP in the same period last year.