Residential mortgages to individuals rise to SAR 7.1B in July

Saudi Arabian banknotes

Residential mortgages provided by banks to individuals rose by 30% year-on-year (YoY) to SAR 7.07 billion in July, data issued by the Saudi Central Bank (SAMA) showed.

Compared to June, residential mortgages increased by nearly SAR 1.77 billion, or 33%.

Residential Mortgages from Banks to Individuals (SAR mln)*
Month	2023	2024	Change
January	8373	7539	(10%)
February	7138	6941	(3%)
March	7251	7623	+5%
April	4146	5341	+29%
May	6801	7674	+13%
June	5969	5307	(11%)
July	5425	7072	+30%
August	7142	--	--
September	5837	--	--
October	6766	--	--
November	6655	--	--
December	6237	--	--

*Doesn’t include interest.

Villa mortgages accounted for the largest share of the total bank financing in July, reaching 62%, or SAR 4.38 billion. Apartments and land plots followed with SAR 2.26 billion and SAR 429 million, respectively.

New Mortgages by Product Type (SAR mln)*
Period	Villas	Apartments	Lands
Jan. 2023	5645	2315	413
February	4964	1823	351
March	5048	1745	457
April	2781	1050	314
May	4684	1734	383
June	4244	1429	297
July	3897	1226	301
August	4967	1776	399
September	3978	1563	297
October	4455	1943	367
November	4363	1964	328
December	4307	1676	255
Jan. 2024	5132	1967	440
February	4529	1980	433
March	4912	2237	474
April	3681	1389	270
May	5114	2153	408
June	3427	1616	263
July	4380	2262	429

*Doesn’t include interest.

According to SAMA, nearly 9,610 contracts were signed between banks and retail clients in July, an increase of 36% YoY.

Number of New Residential Mortgage Contracts by Banks*
Period	2023	2024	Change
January	11113	10505	(5%)
February	9574	9504	(1%)
March	9526	10320	+8%
April	5270	7085	+34%
May	8888	10123	+14%
June	7615	7274	(4%)
July	7058	9605	+36%
August	9054	--	--
September	7767	--	--
October	9177	--	--
November	9164	--	--
December	8647	--	--

The new residential mortgages provided by finance firms for individuals amounted to SAR 193 million in July.

Number of New Residential Mortgage Contracts by Finance Firms (SAR mln)*
Period	2023	2024	Change
January	310	273	(12%)
February	284	268	(6%)
March	228	225	(1%)
April	167	143	(14%)
May	235	252	+ 7%
June	198	160	(19%)
July	193	193	--
August	307	--	--
September	265	--	--
October	289	--	--
November	310	--	--
December	272	--	--

*Doesn’t include interest.

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