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Egypt to consider mortgage law changes to boost home ownership
- Egypt: Sunday, October 14 - 2012 at 02:42
The Egyptian Financial Services Authority (EFSA) has proposed changes to the mortgage law to allow re-mortgaging and higher borrowing levels for people on low incomes, in a drive to boost home ownership in the country, Reuters has reported. Conservative lending rules and red tape have long been blamed for holding back development of the mortgage sector in Egypt. "The mortgage finance industry needs a push in Egypt," said Ashraf el-Sharkawy, chairman of the EFSA. "Now it is time to change this law to add new instruments: re-mortgage, refinance your mortgage, equity finance and other types of finance like murabaha finance," he said. The shortfall in affordable housing in Egypt is the highest in the Middle East and North Africa region at 1.5 million units, followed by Iraq at one million and Morocco at 600,000, according to a 2011 report by property firm Jones Lang LaSalle.
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