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Residential mortgages drop 53% in March
Saudi Arabian banknotes
Residential real estate finance provided by banks to individuals declined by 53% year-on-year (YoY) to SAR 7.25 billion in March, data issued by the Saudi Central Bank (SAMA) showed.
Compared to February 2023, residential real estate finance retreated 2% or nearly SAR 113 million.
|
New Retail Residential Real Estate Finance (SAR mln)* |
|||
|
Month |
2022 |
2023 |
Change |
|
January |
12151 |
8373 |
(31%) |
|
February |
8784 |
7138 |
(19%) |
|
March |
15276 |
7251 |
(53%) |
|
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 5.05 billion, of total housing loans provided in March. Apartments and land plots followed with SAR 1.75 billion and SAR 457 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 |
|
March |
5048 |
1745 |
457 |
*Doesn’t include interest.
According to SAMA, over 9,530 contracts were signed between banks and retail clients in March, a decline of 50% YoY.
|
Number of New Real Estate Finance Contracts by Banks* |
|||
|
Month |
2022 |
2023 |
Change |
|
January |
16442 |
11113 |
(32%) |
|
February |
11615 |
9574 |
(18%) |
|
March |
18999 |
9526 |
(50%) |
|
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 228 million in March, a rise of 25% 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 |
228 |
(25%) |
|
April |
211 |
-- |
-- |
|
May |
148 |
-- |
-- |
|
June |
351 |
-- |
-- |
|
July |
167 |
-- |
-- |
|
August |
284 |
-- |
-- |
|
September |
305 |
-- |
-- |
|
October |
280 |
-- |
-- |
|
November |
271 |
-- |
-- |
|
December |
280 |
-- |
-- |
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