Egypt to raise mortgage market value

Moustafa El-Haiawan, board chairman of Egypt's Mortgage Finance Fund has said that the country plans to raise its mortgages market to EGP10bn within the next three years, up from the current EGP4bn, Reuters has reported. "The size of Egypt's mortgages market does not commensurate with the size of its real estate market," El-Haiawan said. Mortgages in Egypt represent well under 1% of GDP, partly because of a complex property registration process that makes it hard for lenders to secure the right to sell a property in case of default.