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.