EGP3.29 billion .. Mortgage companies finance their customers within 5 months

Mortgage companies granted 3.29 billion pounds to customers during the first 5 months of 2023, compared to 5.26 billion pounds during the comparison period in 2022, a decline of 37.4%.

The report indicated that the total value of real estate refinancing amounted to 389 million pounds during the first 5 months of 2023, compared to 417 million pounds during the same period in 2022, a decline of 6.5%.

The report added that the number of real estate financing contracts increased by 55.8%, bringing the number of contracts to 1,842 contracts during the first 5 months of 2023, compared to 4,163 contracts during the comparison period of 2022.

The report indicated that real estate financing indicators during May 2023, bringing the total real estate financing granted by companies to 878 million pounds, compared to 1.3 billion pounds during May 2022, a decline of 37%.

The total value of real estate refinancing recorded EGP 59m in May 2023, compared to EGP 112m in May 2022, a decline of 46.7%.

The number of real estate financing contracts decreased by 61.7%, to 447 contracts in May 2023, compared to 1168 contracts in May 2022.

The real estate sector is one of the most important sectors affecting the Egyptian economy, and the laws regulating the real estate market are of paramount importance because they constitute the legal framework that regulates the market.

Various projects

In this regard, Dr. Assem Al-Jazzar, Minister of Housing, Utilities and Urban Communities, reviewed the executive position of the various projects being implemented in the October Gardens City, at the beginning of his inspection visit to the city, in the presence of ministry officials, the CEO of the Social Housing Fund and Real Estate Finance Support, and officials of the Urban Communities Authority. new.

The Minister of Housing directed that letters be sent to citizens allocated housing units in the presidential initiative "housing for all Egyptians" - the axis of low-income people, to quickly receive their units, in implementation of their contractual obligation to occupy these units permanently and regularly, in accordance with the Social Housing Law, and real estate financing support.

October Gardens City

Dr. Assem El-Gazzar listened to an explanation of the executive position of the projects from Eng. Mohamed Mostafa, head of the October Gardens City Development Authority, who explained that the number of housing units that have been implemented and is being implemented in the city has reached about 167 thousand housing units, in various housing projects, of which more than 137 thousand. Wehda, with the presidential initiative "Housing for All Egyptians" - Low-income Axis.

The head of the October Gardens City Development Authority continued his presentation of the projects in the city, where 162 service projects (schools - nurseries - health units - commercial markets - youth centers - playgrounds - police station) have been implemented and are underway. Development and upgrading of main road axes, utility projects, and investment opportunities in the city.

Housing of All Egyptians

The Minister of Housing stressed adherence to the deadlines set for the completion of the implementation of various projects, and of the highest quality, especially the presidential initiative, “The Housing of All Egyptians” - the axis of low-income people, and the need to choose the appropriate colors for painting the facades and interior finishes, and choosing the best materials for carrying out various finishing works, in order to produce Housing units in the best possible way to achieve the quality of life for citizens.