Residential mortgages for individuals up 5% to SAR 7.62B in March: SAMA
Saudi Arabian banknotes
Residential mortgages provided by banks to individuals rose 5% year-on-year (YoY) to SAR 7.62 billion in March, the highest increase in more than a year, data issued by the Saudi Central Bank (SAMA) showed.
Moreover, residential mortgages grew nearly SAR 682 million, or 10%, compared to February 2024.
Residential Mortgages (SAR mln)* |
|||
Month |
2023 |
2024 |
Change |
January |
8373 |
7539 |
(10%) |
February |
7138 |
6941 |
(3%) |
March |
7251 |
7623 |
+5% |
April |
4146 |
-- |
-- |
May |
6801 |
-- |
-- |
June |
5969 |
-- |
-- |
July |
5425 |
-- |
-- |
August |
7142 |
-- |
-- |
September |
5837 |
-- |
-- |
October |
6766 |
-- |
-- |
November |
6655 |
-- |
-- |
December |
6237 |
-- |
-- |
*Doesn’t include interest.
Villa mortgages accounted for 64%, or SAR 4.91 billion, of total housing loans provided in March. Apartments and land plots followed with SAR 2.24 billion and SAR 474 million, respectively.
New Mortgages by Product Type (SAR mln)* |
|||
Period |
Villas |
Apartments |
Land |
January 2023 |
8373 |
7539 |
8373 |
February |
7138 |
6941 |
7138 |
March |
7251 |
7623 |
7251 |
April |
4146 |
-- |
4146 |
May |
6801 |
-- |
6801 |
June |
5969 |
-- |
5969 |
July |
5425 |
-- |
5425 |
August |
7142 |
-- |
7142 |
September |
5837 |
-- |
5837 |
October |
6766 |
-- |
6766 |
November |
6655 |
-- |
6655 |
December |
6237 |
-- |
6237 |
January 2024 |
8373 |
7539 |
8373 |
February |
7138 |
6941 |
7138 |
March |
7251 |
7623 |
7251 |
According to SAMA, over 10,300 contracts were signed between banks and retail clients in March, a YoY increase of 8%.
Number of New Real Estate Finance Contracts by Banks* |
|||
Month |
2023 |
2024 |
Change |
January |
11113 |
10505 |
(5%) |
February |
9574 |
9504 |
(1%) |
March |
9526 |
10320 |
+8% |
April |
5270 |
-- |
-- |
May |
8888 |
-- |
-- |
June |
7615 |
-- |
-- |
July |
7058 |
-- |
-- |
August |
9054 |
-- |
-- |
September |
7767 |
-- |
-- |
October |
9177 |
-- |
-- |
November |
9164 |
-- |
-- |
December |
8647 |
-- |
-- |
*Doesn’t include interest
Financing firms provided new real estate finance worth SAR 225 million in March, a drop of 1% YoY.
Residential Real Estate Contracts by Financing Firms (SAR mln) |
|||
Month |
2023 |
2024 |
Change |
January |
310 |
273 |
(12%) |
February |
284 |
268 |
(6%) |
March |
228 |
225 |
(1%) |
April |
167 |
-- |
-- |
May |
235 |
-- |
-- |
June |
198 |
-- |
-- |
July |
193 |
-- |
-- |
August |
307 |
-- |
-- |
September |
265 |
-- |
-- |
October |
289 |
-- |
-- |
November |
310 |
-- |
-- |
December |
272 |
-- |
-- |
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Residential real estate finance for individuals falls 3% to SAR 6.94B in February: SAMA |
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