Saudi mortgage loans rise three-fold in April 2019

The volume of residential new mortgage finance for individuals provided by Saudi Arabia-based commercial banks and companies jumped by three times in April 2019 year-on-year (YoY), Saudi Gazette reported on Wednesday citing a report by Saudi Arabian Monetary Authority (SAMA).

The number of new residential mortgage contracts reached 14,398 in April 2019 worth SAR 6.41 billion, around 94 percent of which was offered by commercial banks while the remaining 6 percent by companies, the Saudi Gazette report added.

On monthly basis, the number of contracts registered rose by 19 percent and more than 15 percent in terms of value.

In total, the residential financing contracts reached 45,860 during 2019 worth SAR 31,528 billion, the report added.

The number of subsidized contracts supported by Saudi housing ministry’s Sakani program in April 2019 increased 12 percent in value and about 15 percent in the number of subsidized financing contracts within one month, Saudi Gazette reported.