Macro-economic Data

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A. Demography and Macroeconomy

A.1 Population
VariableEnd of 2016End of 2015End of 2014SourcesVar ID
Total population95.69 million93.78 million91.81 million
WDI
A.1.1
Total number of households  19.1 million
CAPMAS
A.1.2
Urban population (% of total)43.22% of total43.14% of total43.07% of total
WDI
A.1.4
Urban population growth (annual %)2.22%2.27%2.31%
WDI
A.1.5
A.2 Economy
VariableEnd of 2016End of 2015End of 2014SourcesVar ID
GDP, current prices (U.S. dollars)332,349 USD (millions)330,765 USD (millions)301,391 USD (millions)
WEO
A.2.1
GDP based on PPP valuation of country GDP (Current international dollar)1,092,634 USD (millions)1,047,910 USD (millions)995,752 USD (millions)
WEO
A.2.2
GDP per capita, current prices (U.S. dollars)3,684.57 USD 3,740.25 USD 3,476.25 USD
WEO
A.2.3
GDP based on PPP per capita GDP (Current international dollar)12,113.09 USD 11,849.63 USD 11,485.03 USD
WEO
A.2.4
GDP, constant prices (Percent change)3.26%4.19%2.21%
WEO
A.2.5
Inflation, end of period consumer prices (Percent change)10.23%11.39%8.21%
WEO
A.2.6
GDP, deflator (Index)147.90134.97121.59
WEO
A.2.7
Consumer price index 156.80142.08
WDI
A.2.8
Median national annual household income  3,655.97 USD
CAPMAS
A.2.10
Median urban annual household income  2,665.08 USD/year
Urban Egypt Report 2008
A.2.11
Urban minimum wages per month in USD  127 USD
The Daily News
A.2.12
Growth in urban household income (%/year)A.2.13
Employment (% of total laborforce)A.2.14
Unemployed  12.28%
WDI
A.2.14.3
Interest Rates:A.2.15
Central bank lending/discount rate15.25%9.75%9.75%
IFS
A.2.15.1
Yield on 3 months treasury bills19.04%11.34%11.65%
IFS
A.2.15.2
Average bank deposit rate7.86%6.91%6.92%
IFS
A.2.15.4
Lending rate13.6%11.63%11.71%
IFS
A.2.15.5
B. Housing Market
B.1 Housing Stock: Production, Transactions
VariableEnd of 2016End of 2015End of 2014SourcesVar ID
Number of dwelling units:B.1.1
Total Urban  28.69 million
CAPMAS
B.1.1.2
Percentage of vacant units  13.07% of total
World Bank Report
B.1.2
Characteristics of housing stock:B.1.3
Average dwelling unit size-existing  80 sq.mt
Housing Study of Urban Egypt
B.1.3.1
Tenure in urban areas (%):B.1.4
Owner-occupied units  37% of total
MFF
B.1.4.1
Private rental units  53% of total
MFF
B.1.4.3
Public / social rental units  1% of total
MFF
B.1.4.4
Other forms of tenure   9% of total
MFF
B.1.4.5
% of urban units with state recognized lienable title  15% of total
MFF
B.1.4.6
Estimated Number of units completed/yearB.1.5
Formal sector/registered  Not available
 
B.1.5.1
Informal sector/non-registered  Not available
 
B.1.5.2
B.2 Housing Prices and Cost for Urban Areas or Capital City
VariableEnd of 2016End of 2015End of 2014SourcesVar ID
Median urban house price in USD:B.2.1
New housing  46,400 USD
MFF
B.2.1.1
Existing housing  39,200 USD
MFF
B.2.1.2
Median house price to median annual HH income:B.2.2
Annual average % change in median house prices:B.2.3
Yearly Rate  10%
Egypt Housing Survey conducted by Bearing Point Inc.
B.2.3.1
M2 construction cost for median quality houseB.2.4
National  233 USD/sq.mt
MFF
B.2.4.1
Urban  580 USD/sq.mt
MFF
B.2.4.2


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Notes: "Please use IMF annual average EGP exchange rates [2007: 5.64 = 1 USD], [2008: 5.43 = 1 USD], [2009: 5.55 = 1 USD], [2010: 5.62 = 1 USD], [2011: 5.93 = 1 USD]"
Notes: "Please use IMF annual average EGP exchange rates [2007: 5.64 = 1 USD], [2008: 5.43 = 1 USD], [2009: 5.55 = 1 USD], [2010: 5.62 = 1 USD], [2011: 5.93 = 1 USD]"
Notes: "Please use IMF annual average EGP exchange rates [2007: 5.64 = 1 USD], [2008: 5.43 = 1 USD], [2009: 5.55 = 1 USD], [2010: 5.62 = 1 USD], [2011: 5.93 = 1 USD]"
Notes: "Please use IMF annual average EGP exchange rates [2007: 5.64 = 1 USD], [2008: 5.43 = 1 USD], [2009: 5.55 = 1 USD], [2010: 5.62 = 1 USD], [2011: 5.93 = 1 USD]"
Notes: "Please use IMF annual average EGP exchange rates [2007: 5.64 = 1 USD], [2008: 5.43 = 1 USD], [2009: 5.55 = 1 USD], [2010: 5.62 = 1 USD], [2011: 5.93 = 1 USD]"
Notes: (local) government loans
Notes: (local) government loans
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2013 Figures are only till Q3.
Notes: 2013 figures are only till Q3.
Notes: 25% for low-income individuals and 40% for non-low income individuals
Notes: 25% for low-income individuals and 40% for non-low income individuals
Notes: 25% for low-income individuals and 40% for non-low income individuals
Notes: 40% for any regular borrower and 25% for low-income people.
Notes: 40% for regular income borrowers and 25% for low-income people,a proposed ammendemet to the Real Estate Finance Law 148 of 2001 to increase the PTI for low income borrowers to 33% instead of 25%.
Notes: 45th percentile
Notes: 45th percentile
Notes: 75th percentile
Notes: 75th percentile
Notes: According to the law, there is no legal constraints available on interest rates as it is market determined.
Notes: According to the law, there is no legal constraints available on interest rates as it is market determined.
Notes: According to the Mortgage Finance Law 148 of 2001 Executive Regulations, LTV cap is 90% of the property value, or construction and renovation costs according to the purpose of the Mortgage Loan.
Notes: According to the Mortgage Finance Law 148 of 2001 Executive Regulations, LTV cap is 90% of the property value, or construction and renovation costs according to the purpose of the Mortgage Loan.
Notes: According to the Mortgage Finance Law 148 of 2001 Executive Regulations, maximum monthly Payment - to - Income (PTI) Ratio is 40% for any investor other than low income investors, and should not exceed 25% of monthly income for low income investors.A proposed amendment to the Real Estate Finance Law 148 of 2001 is to increase the PTI for low income borrowers to 33% instead of 25%.
Notes: According to the Mortgage Finance Law 148 of 2001 Executive Regulations, maximum monthly Payment - to - Income (PTI) Ratio is 40% for any investor other than low income investors, and should not exceed 25% of monthly income for low income investors.A proposed amendment to the Real Estate Finance Law 148 of 2001 is to increase the PTI for low income borrowers to 33% instead of 25%.
Notes: According to the source, the reason for the sharp decline in 2008 was the decline in demand from wealthy foreign buyers due to the global crisis, estimate of 2010 is an expected one.
Notes: According to the source, the reason for the sharp decline in 2008 was the decline in demand from wealthy foreign buyers due to the global crisis, estimate of 2010 is an expected one.
Notes: According to the source, the reason for the sharp decline in 2008 was the decline in demand from wealthy foreign buyers due to the global crisis, estimate of 2010 is an expected one.
Notes: Author's Estimate. The percentage is for the total monetary amount in loans (not number of loans).
Notes: Author's Estimate. The percentage is for the total monetary amount in loans (not number of loans).
Notes: Author's Estimate. The percentage is for the total monetary amount in loans (not number of loans).
Notes: Author's Estimate. The percentage is for the total monetary amount in loans (not number of loans).
Notes: Author's Estimate. The percentage is for the total monetary amount in loans (not number of loans).
Notes: Average interest rate
Notes: Average interest rate
Notes: Average interest rate
Notes: Average interest rate
Notes: Average interest rate
Notes: Average market price of 490 USD per sq. m x 80 sq m was calculated for the estimation (not including low income/informal housing).
Notes: CAPMAS estimates from 2007-2010, calculated as % of total laborforce while WEO estimate for 2011
Notes: CAPMAS estimates from 2007-2010, calculated as % of total laborforce while WEO estimate for 2011
Notes: CAPMAS estimates from 2007-2010, calculated as % of total laborforce while WEO estimate for 2011
Notes: CAPMAS estimates from 2007-2010, calculated as % of total laborforce while WEO estimate for 2011
Notes: CAPMAS estimates from 2007-2010, calculated as % of total laborforce while WEO estimate for 2011
Notes: CAPMAS estimates from 2007-2011
Notes: CAPMAS estimates from 2007-2011
Notes: CAPMAS estimates from 2007-2011
Notes: CAPMAS estimates from 2007-2011
Notes: CAPMAS estimates from 2007-2011
Notes: CAPMAS estimates.
Notes: CAPMAS estimates.
Notes: CAPMAS estimates.
Notes: CAPMAS estimates.
Notes: CAPMAS estimates.
Notes: CBE Regulations governing the operation of credit bureaus.
Notes: CBE Regulations governing the operation of credit bureaus.
Notes: Central Bank of Egypt regulates the activities of the credit bureau
Notes: Central Bank of Egypt regulates the activities of the credit bureau
Notes: Central Bank of Egypt regulates the activities of the credit bureau
Notes: Central Bank of Egypt regulates the activities of the credit bureau
Notes: Central Bank of Egypt regulates the activities of the credit bureau
Notes: Consumer Protection features are included within the Mortgage Finance Law 148 of 2001, such as cap on Payment to Income Ratio, limits on the Loan To Value Ratio, limits on the variabilty of interest rates through the use of indices. Terms and conditions for a mortgage loan within the contract are clear, well defined and standard. In case of complaints the consumer has recourse to the EFSA Ombudsman Scheme. All cases that used the system went satisfactorily.
Notes: Consumer Protection features are included within the Mortgage Finance Law 148 of 2001, such as cap on Payment to Income Ratio, limits on the Loan To Value Ratio, limits on the variabilty of interest rates through the use of indices. Terms and conditions for a mortgage loan within the contract are clear, well defined and standard. In case of complaints the consumer has recourse to the EFSA Ombudsman Scheme. All cases that used the system went satisfactorily.
Notes: Data for regular income new housing. Low income: $16,666-$20,000. Average market price of 580 USD per sq. m x 80 sq. m was calculated for the regular income estimation. Average market price of $317 USD per sq. m x 55-65 sq. m was calculated for the low income estimation. The deviation in the price per square meter between regular and low income units results from the difference in the price of land that is allocated almost for free for low income housing in addition to subsidy elements.
Notes: Default insurance 3 months provided by MFF.
Notes: Default insurance 3 months provided by MFF.
Notes: Disclosure requirements imposed on lenders are: 1- Standard uniform loan contracts must be used, 2- Borrowers must receive and sign a disclosure form at loan closing, 3- ARMs and other loan structures must be approved in advance by the MFA, 3- ARMs must be indexed to a published index, 4- EFSA monitors complaints filed with regulated entities
Notes: Disclosure requirements imposed on lenders are: 1- Standard uniform loan contracts must be used, 2- Borrowers must receive and sign a disclosure form at loan closing, 3- ARMs and other loan structures must be approved in advance by the MFA, 3- ARMs must be indexed to a published index, 4- EFSA monitors complaints filed with regulated entities
Notes: EPSA supervises finance affaires and determines the financial standards that are to be applied to mortgage finance companies. The Bank of Egypt supervises bank mortgage lending regulations.
Notes: EPSA supervises mortgage finance affaires and determines the financial standards that are to be applied to mortgage finance companies. The Bank of Egypt supervises bank mortgage lending regulations.
Notes: EPSA supervises mortgage finance affaires and determines the financial standards that are to be applied to mortgage finance companies. The Bank of Egypt supervises bank mortgage lending regulations.
Notes: EPSA supervises mortgage finance affaires and determines the financial standards that are to be applied to mortgage finance companies. The Bank of Egypt supervises bank mortgage lending regulations.
Notes: EPSA supervises mortgage finance affaires and determines the financial standards that are to be applied to mortgage finance companies. The Bank of Egypt supervises bank mortgage lending regulations.
Notes: EPSA supervises mortgage finance affaires and determines the financial standards that are to be applied to mortgage finance companies. The Bank of Egypt supervises bank mortgage lending regulations.
Notes: EPSA supervises mortgage finance affaires and determines the financial standards that are to be applied to mortgage finance companies. The Bank of Egypt supervises bank mortgage lending regulations.
Notes: Estimate.
Notes: Estimate.
Notes: Estimate. Full range of estimate is 40-60%
Notes: Estimate. Full range of estimate is 40-60%
Notes: Estimate. Full range of estimate is 40-60%
Notes: Estimate. Full range of estimate is 40-60%
Notes: Estimate. Full range of estimate is 40-60%
Notes: Formal sector production is 55% of total production; the Ministry of housing compile the data on newly built units but not the registered versus unregistered (government production is 22% of total production; private sector production is 33% ).
Notes: Formal sector production is 55% of total production; the Ministry of housing compile the data on newly built units but not the registered versus unregistered (government production is 22% of total production; private sector production is 33% ).
Notes: Informal private sector production is 45% of total production; the Ministry of housing compile the data on newly built units but not the registered versus unregistered
Notes: Informal private sector production is 45% of total production; the Ministry of housing compile the data on newly built units but not the registered versus unregistered
Notes: Law 143 of 2004 amending the Capital Market Law 95 of 1992
Notes: Law 143 of 2004 amending the Capital Market Law 95 of 1992
Notes: Law No. 95 of 1995 addresses a method of financing of real estate. The Mortgage Law of 2001 was amended in 2010.
Notes: Law No. 95 of 1995 addresses a method of financing of real estate. The Mortgage Law of 2001 was amended in 2010.
Notes: Law No. 95 of 1995 addresses a method of financing of real estate. The Mortgage Law of 2001 was amended in 2010.
Notes: Law No. 95 of 1995 addresses a method of financing of real estate. The Mortgage Law of 2001 was amended in 2010.
Notes: Law No. 95 of 1995 addresses a method of financing of real estate. The Mortgage Law of 2001 was amended in 2010.
Notes: Law No. 95 of 1995 addresses a method of financing of real estate. The Mortgage Law of 2001 was amended in 2010.
Notes: Law No. 95 of 1995 addresses a method of financing of real estate. The Mortgage Law of 2001 was amended in 2010.
Notes: Law No. 95 of 1995 addresses a method of financing of real estate. The Mortgage Law of 2001 was amended in 2010.
Notes: Law No. 95 of 1995 addresses a method of financing of real estate. The Mortgage Law of 2001 was amended in 2010.
Notes: Law No. 95 of 1995 addresses a method of financing of real estate. The Mortgage Law of 2001 was amended in 2010.
Notes: Law No. 95 of 1995 addresses a method of financing of real estate. The Mortgage Law of 2001 was amended in 2010.
Notes: Law No. 95 of 1995 addresses a method of financing of real estate. The Mortgage Law of 2001 was amended in 2010.
Notes: Law No. 95 of 1995 addresses a method of financing of real estate. The Mortgage Law of 2001 was amended in 2010.
Notes: Law No. 95 of 1995 addresses a method of financing of real estate. The Mortgage Law of 2001 was amended in 2010.
Notes: Law No. 95 of 1995 addresses a method of financing of real estate. The Mortgage Law of 2001 was amended in 2010.
Notes: Law No. 95 of 1995 addresses a method of financing of real estate. The Mortgage Law of 2001 was amended in 2010.
Notes: Law No. 95 of 1995 addresses a method of financing of real estate. The Mortgage Law of 2001 was amended in 2010.
Notes: Law No. 95 of 1995 addresses a method of financing of real estate. The Mortgage Law of 2001 was amended in 2010.
Notes: Law No. 95 of 1995 addresses a method of financing of real estate. The Mortgage Law of 2001 was amended in 2010.
Notes: Law No. 95 of 1995 addresses a method of financing of real estate. The Mortgage Law of 2001 was amended in 2010.
Notes: Law No. 95 of 1995 addresses a method of financing of real estate. The Mortgage Law of 2001 was amended in 2010.
Notes: Law No. 95 of 1995 addresses a method of financing of real estate. The Mortgage Law of 2001 was amended in 2010.
Notes: Mortgage Finance Fund (MFF) provides subsidies to mainly the middle and low income people where the maximum monthly income level for potential beneficiareis is defined by the Executive Regulations of the Mortgage Finance Law 148 of 2001 to be 2500 for households and 1750 for individuals, the range of the subsidy amount is a maximum 0f LE 25,000 for the lowest income group and a minimum of LE 10,000 for the highest income group which decrease proportionally by income, where the subsidy amount is divided over a down payment and a buy-down subsidy.
Notes: Mortgage Finance Fund (MFF) provides subsidies to mainly the middle and low income people where the maximum monthly income level for potential beneficiareis is defined by the Executive Regulations of the Mortgage Finance Law 148 of 2001 to be 2500 for households and 1750 for individuals, the range of the subsidy amount is a maximum 0f LE 25,000 for the lowest income group and a minimum of LE 10,000 for the highest income group which decrease proportionally by income, where the subsidy amount is divided over a down payment and a buy-down subsidy.
Notes: Mortgage Finance Fund established in 2003 provides subsidy to low income borrowers paid to lenders. Subsidies are in the form of assistance in down payment and interest buy down for lower categories of income and as buy down only for higher levels of income.
Notes: Mortgage Finance Fund established in 2003 provides subsidy to low income borrowers paid to lenders. Subsidies are in the form of assistance in down payment and interest buy down for lower categories of income and as buy down only for higher levels of income.
Notes: Mortgage Finance Fund established in 2003 provides subsidy to low income borrowers paid to lenders. Subsidies are in the form of assistance in down payment and interest buy down for lower categories of income and as buy down only for higher levels of income.
Notes: Mortgage Finance Fund established in 2003 provides subsidy to low income borrowers paid to lenders. Subsidies are in the form of assistance in down payment and interest buy down for lower categories of income and as buy down only for higher levels of income.
Notes: Mortgage Finance Fund established in 2003 provides subsidy to low income borrowers paid to lenders. Subsidies are in the form of assistance in down payment and interest buy down for lower categories of income and as buy down only for higher levels of income.
Notes: Mortgage Finance Fund established in 2003 provides subsidy to low income borrowers paid to lenders. Subsidies are in the form of assistance in down payment and interest buy down for lower categories of income and as buy down only for higher levels of income.
Notes: Mortgage Finance Fund established in 2003 provides subsidy to low income borrowers paid to lenders. Subsidies are in the form of assistance in down payment and interest buy down for lower categories of income and as buy down only for higher levels of income.
Notes: Mortgage Finance Law 148 of 2001, allows and regulates securitization.
Notes: Mortgage Finance Law 148 of 2001, allows and regulates securitization.
Notes: Mostly rent-free housing provided by the government or government sponsored entities like the awqaf ministry.
Notes: Mostly rent-free housing provided by the government or government sponsored entities like the awqaf ministry.
Notes: National Percentage
Notes: National Percentage
Notes: National Percentage
Notes: Please use IMF annual average principal exchange rates [2007: EGP 5.63= 1 USD], [2008: EGP 5.47= 1 USD], [2009: EGP 5.54= 1 USD], [2010: EGP 5.64= 1 USD]
Notes: Properties located in Egyptian cities are subject to a flat rate tax of 2.5% on sales of property. No deductions are allowed.
Notes: Real estate tax is levied at a flat rate of 10% after a deduction for assumed maintenance expenses (30-32%).
Notes: Refinancing through The Egyptian Mortgage Refinance company (EMRC) that provides long term fixed rate funds to primary mortgage lenders to reduce the liquidity risk inherent in their provision of long term loans for housing. The primary source of funding for the EMRC will be notes and bonds sold in the domestic capital market. Expected first issue in 2013.
Notes: Refinancing through The Egyptian Mortgage Refinance company (EMRC) that provides long term fixed rate funds to primary mortgage lenders to reduce the liquidity risk inherent in their provision of long term loans for housing. The primary source of funding for the EMRC will be notes and bonds sold in the domestic capital market. Expected first issue in 2013.
Notes: Taxes on property decreased from 46% to 10% in 2010
Notes: Taxes on property decreased from 46% to 10% in 2010
Notes: The average dwelling size is a gross one, the net size is 75 sq.mt
Notes: The average dwelling size is a gross one, the net size is 75 sq.mt
Notes: The average dwelling size is a gross one, the net size is 75 sq.mt
Notes: The Daily News estimate for 2010.
Notes: The Egyptian Mortgage Refinance Company (EMRC) is a governmental institution supporting liquidity facility at an attractive rate.
Notes: The Egyptian Mortgage Refinance Company (EMRC) is a governmental institution supporting liquidity facility at an attractive rate.
Notes: The first private credit bureau started operation since March 2008.
Notes: The first private credit bureau started operation since March 2008.
Notes: The maximum monthly income level for potential beneficiareis from the Mortgage Finance Fund Subsidies is defined by the Executive Regulations of the Mortgage Finance Law 148 of 2001 to be 2500 for households and 1750 for individuals.
Notes: The maximum monthly income level for potential beneficiareis from the Mortgage Finance Fund Subsidies is defined by the Executive Regulations of the Mortgage Finance Law 148 of 2001 to be 2500 for households and 1750 for individuals.
Notes: The Ministry of Finance indicated that mortgage contracts are exempt from stamp duty taxes as it is a tripartite sale agreement.
Notes: The Ministry of Finance indicated that mortgage contracts are exempt from stamp duty taxes as it is a tripartite sale agreement.
Notes: The new rental law represents 11% of tenure; the old rental law represents 42% of tenure
Notes: The new rental law represents 11% of tenure; the old rental law represents 42% of tenure
Notes: The percentage is for the total monetary amount in loans (not number of loans). The fixed rate mortage are associated with National Housing Projects which were financed at a fixed rate of 10.5%
Notes: The percentage of microfinance loans is very small in Egypt; even more so for housing.
Notes: The percentage of microfinance loans is very small in Egypt; even more so for housing.
Notes: There are many government owned banks. The Housing Development Bank is the main public mortgage provider.
Notes: There are many government owned banks. The Housing Development Bank is the main public mortgage provider.
Notes: There are many government owned banks. The Housing Development Bank is the main public mortgage provider.
Notes: There are many government owned banks. The Housing Development Bank is the main public mortgage provider.
Notes: There are many government owned banks. The Housing Development Bank is the main public mortgage provider.
Notes: There are many government owned banks. The Housing Development Bank is the main public mortgage provider.
Notes: There are many government owned banks. The Housing Development Bank is the main public mortgage provider.
Notes: There are very few foreclosures and no information available on the number of foreclosures. The rate of deliquency is around 2% with rescheuling of deliquent loans preferred by MFCs over foreclosure or other methods.
Notes: There is no securitization in Egypt.
Notes: There is no securitization in Egypt.
Notes: These are the total number of home loans outstanding at the end of the last calendar year for mortgage finance companies only.
Notes: These are the total number of home loans outstanding at the end of the last calendar year for mortgage finance companies only.
Notes: These are the total number of home loans outstanding at the end of the last calendar year for mortgage finance companies only.
Notes: These are the total number of home loans outstanding at the end of the last calendar year for mortgage finance companies only.
Notes: These are the total number of home loans outstanding at the end of the last calendar year for mortgage finance companies only.
Notes: These are the total number of home mortgage originations at the end of the last calendar year for MFC's only.
Notes: These are the total number of home mortgage originations at the end of the last calendar year for MFC's only.
Notes: These are the total number of home mortgage originations at the end of the last calendar year for MFC's only.
Notes: These are the total number of home mortgage originations at the end of the last calendar year for MFC's only.