Saudi retail mortgage loans more than double in January 2019

Mortgage loans provided to retail clients by banks in Saudi Arabia saw an over twofold increase year-on-year (YoY) to SAR 4.43 billion in January 2019, data issued by the Saudi Arabian Monetary Authority (SAMA) showed.

On a month-on-month basis, mortgage lending jumped 32 percent from SAR 3.37 billion.

New Retail Housing Loans (SAR mln)
Period	2018	2019	Variation
January	1643	4431	+170%
February	1908
March	2416
April	2479
May	2252
June	959
July	2267
August	1510
September	1873
October	3054
November	3287
December	3366

*Doesn’t include interest

Villa mortgages accounted for 79 percent, or SAR 3.52 billion of total housing loans provided in the same month.

Apartments and land plots followed with SAR 562 million and SAR 349 million, respectively.

New Retail Housing Loans by Product Type (SAR mln)*
Period	Villas	Apartments	Land
January 2018	1286	229	128
February	1451	298	159
March	1906	335	175
April	2016	286	176
May	1864	225	164
June	791	104	64
July	1921	189	157
August	1251	144	115
September	1532	192	149
October	2511	324	219
November	2677	360	250
December	2788	355	224
January 2019	3520	562	349

*Doesn’t include interest

A total of 9,062 contracts were signed between banks and retail clients in January 2019 - a rise of over three times YoY.

The Number of New Retail Housing Loans Contracts By Banks (SAR mln)*
Period	2018	2019	Variation
January	2553	9062	+255%
February	2959
March	3716
April	3894
May	3707
June	1675
July	4031
August	2742
September	3490
October	5695
November	6307
December	6116

*Doesn’t include interest

Financing firms provided new mortgages for residential units worth SAR 355 million, a YoY increase of more than three times.

SAMA issued new directives in May 2018 obligating all banks and mortgage companies to provide mortgages to individuals, as per the due regulations.

The Number of New Retail Housing Loans Contracts by Financing Firms (SAR mln)*
Period	2018	2019	Variation
January	90	335	+272%
February	171
March	178
April	256
May	287
June	107
July	225
August	136
September	171
October	352
November	276
December	240

*Doesn’t include interest

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