Kuwait, February 2010 - After going through the moderate impact of the economic slowdown, Egypt real estate sector is expected to provide with a healthy long term prospects in all of its sub-segments says the new real estate report from Kuwait Financial Centre S.A.K "Markaz" on the Egypt Real Estate sector.
Due to the low mortgage penetration, which stands at 0.4% of nominal GDP, the source of funds to purchase a house has essentially been savings and sale of existing assets.
The growth in lending has slowed down and the report expects mortgage financing by banks to recover during 2010-11.
The report expects the shortfall in mid-income housing to remain undersupplied during 2010-12, however, it expects developers to focus back on the high and luxury segments when the economy strengthens from 2012.
Source: www.zawya.com
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