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Egypt Named Fastest Growing Mortgage Market in 2017

Euromonitor International placed Egypt ahead of Algeria and Nigeria, with an expected market growth of 18.9%.

Egypt is making headway to become the world's fastest growing mortgage market in the world this year, with a projected expansion of 18.99%, Daily News Egypt reports, citing a March report by prominent research company, Euromonitor International.

With several major real-estate projects underway, Egypt is also witnessing booming population growth rates, which is causing demand on housing units to skyrocket.

A staggering 300 thousand units are going to be owned in Egypt through a mortgage system this year, putting it ahead of Algeria and Nigeria, which are expected to be the 2nd and 3rd fastest growing mortgage markets, respectively.