Funding of real estate projects increased by 82% in 2015: EFSA head

The funding provided for real estate projects since the beginning of January 2015 until the end of August increased by 82 percent to stand at LE611 million compared to LE380 million during the same period in 2014, Chairman of the Egyptian Financial Supervisory Authority (EFSA) Sherief Samy said in a statement on Tuesday.
The number of real estate clients whose monthly income exceed LE3,000 amounted to 83 percent of the total number of beneficiaries during the first eight months of 2015.
Housing units with more than 86 square meters made 66 percent of the total number of contracts. Housing units with spaces between 66 to 86 square meters made 26 percent of the total number of contracts. Housing units of less than 66 meters accounted for 8 percent of the total number of contracts, he said. Samy pointed out that 96 percent of the real estate contracts made until August were for housing purposes.
The number of enrolled real estate appraisers with the EFSA stood at 186 by the end of August 2015, compared to 192 by the end of the same month last year, Samy said.
The value of factored securities has amounted to LE2.7 billion until August, compared to LE3.7 billion in 2014, Samy mentioned.
The funding balances of the seven companies officially licensed by the EFSA stood at about LE1.8 billion by the end of August 2015, according to Samy.
The value of financial leasing contracts rose by 223 percent, compared to the same period of 2014, as it reached LE12.7 billion in August 2015, compared to LE4 billion in August 2014.
Edited translation from Al-Masry Al-Youm 

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