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Residential mortgages fall 19% in February
Saudi Arabian banknotes
Residential real estate finance provided by banks to individuals declined by 19% year-on-year (YoY) to SAR 7.14 billion in February, data issued by the Saudi Central Bank (SAMA) showed.
Compared to January 2023, residential real estate finance retreated by nearly SAR 1.23 billion, or 15%.
|
New Retail Residential Real Estate Finance (SAR mln)* |
|||
|
Month |
2022 |
2023 |
Change |
|
January |
12151 |
8373 |
(31%) |
|
February |
8784 |
7138 |
(19%) |
|
March |
15276 |
-- |
-- |
|
April |
9219 |
-- |
-- |
|
May |
8810 |
-- |
-- |
|
June |
13122 |
-- |
-- |
|
July |
7189 |
-- |
-- |
|
August |
12697 |
-- |
-- |
|
September |
9930 |
-- |
-- |
|
October |
9352 |
-- |
-- |
|
November |
7386 |
-- |
-- |
|
December |
6359 |
-- |
-- |
*Doesn’t include interest.
Villas accounted for the largest share of home financing, reaching 70%, or SAR 4.96 billion, of total housing loans provided in February. Apartments and land plots followed with SAR 1.82 billion and SAR 351 million, respectively.
|
New Real Estate Finance by Product Type (SAR mln)* |
|||
|
Period |
Villas |
Apartments |
Land |
|
January 2022 |
9403 |
2106 |
642 |
|
February |
6818 |
1498 |
468 |
|
March |
9224 |
2956 |
3096 |
|
April |
5902 |
1707 |
1610 |
|
May |
6785 |
1605 |
420 |
|
June |
9415 |
3167 |
540 |
|
July |
5392 |
1514 |
283 |
|
August |
8607 |
3618 |
472 |
|
September |
6708 |
2825 |
396 |
|
October |
6190 |
2717 |
445 |
|
November |
5127 |
1879 |
380 |
|
December |
4397 |
1648 |
313 |
|
January 2023 |
5645 |
2315 |
413 |
|
February |
4964 |
1823 |
351 |
*Doesn’t include interest.
According to SAMA, over 9,570 contracts were signed between banks and retail clients in February, a decline of 18% YoY.
|
Number of New Real Estate Finance Contracts by Banks* |
|||
|
Month |
2022 |
2023 |
Change |
|
January |
16442 |
11113 |
(32%) |
|
February |
11615 |
9574 |
(18%) |
|
March |
18999 |
-- |
-- |
|
April |
11255 |
-- |
-- |
|
May |
10943 |
-- |
-- |
|
June |
16487 |
-- |
-- |
|
July |
9047 |
-- |
-- |
|
August |
16255 |
-- |
-- |
|
September |
12902 |
-- |
-- |
|
October |
12397 |
-- |
-- |
|
November |
9785 |
-- |
-- |
|
December |
8265 |
-- |
-- |
*Doesn’t include interest
Financing firms provided new real estate finance worth SAR 284 million in February, a rise of 29% YoY.
|
Number of New Real Residential Estate Finance Contracts by Financing Firms (SAR mln) |
|||
|
Month |
2022 |
2023 |
Change |
|
January |
264 |
310 |
+17% |
|
February |
221 |
284 |
+29% |
|
March |
304 |
-- |
-- |
|
April |
211 |
-- |
-- |
|
May |
148 |
-- |
-- |
|
June |
351 |
-- |
-- |
|
July |
167 |
-- |
-- |
|
August |
284 |
-- |
-- |
|
September |
305 |
-- |
-- |
|
October |
280 |
-- |
-- |
|
November |
271 |
-- |
-- |
|
December |
280 |
-- |
-- |
*Doesn’t include interest
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