Mortgage Finance Reaches USD 1.60 Billion Benefiting 617,500 Egyptians

Mortgage finance in Egypt has reached a total of EGP 81.22 billion, benefiting 617,500 citizens through 22 banks and eight mortgage finance companies, according to the Social Housing and Mortgage Finance Fund. Direct cash subsidies to beneficiaries amounted to EGP 10.13 billion, with the average mortgage loan per client being EGP 131,500.

The government has issued 19 housing announcements since June 1st, 2014, attracting 2.1 million applications. The initiative ‘Housing for All Egyptians’ aims to provide affordable housing for low- and middle-income citizens.

Nearly one million housing units have been completed or are under construction, including 721,000 fully delivered units and 251,000 still being developed. The fifth and sixth phases of the initiative focus on constructing 54,600 green housing units in nine cities and 27,944 middle-income and investment housing units in 15 cities and governorates.

The government continues to expand affordable housing options, with 78,000 housing units included in the fifth phase and over 762,000 citizens purchasing application booklets.