Driven by huge domestic demand, Egypt will be the standout market globally for mortgages in 2017, according to a March report by Euromonitor International. The research agency has identified the top three markets globally in 2017 by fastest growth in mortgaged households, with Egypt topping the list, followed by Algeria and Nigeria. According to Euromonitor, Africa and the Middle East are home finance hotspots, due to their large and growing populations seeking infrastructure and residential units to resolve urban housing shortages. Egypt is expected to see an annual expansion of 18.9% in mortgaged households in 2017 alone, with forecasts that just fewer than 300,000 households are expected to be owned through a mortgage this year. “Following the economic overhaul over the last few months, Egypt is seeing signs of a recovery and with that confidence in the market.

Source: Daily News Egypt March 20, 2017 15:22 UTC